×

Bank of England Divided on Inflation Outlook

Minutes to the Bank of England's latest interest rate meeting reveal a division among policymakers on the outlook for inflation amid a still weak economy and the debt crisis.

Official data this week put consumer price inflation at 3.7 percent, way above the official target of 2 percent.

The Bank's Monetary Policy Committee, which adjusts the base interest rate to regulate inflation, agreed unanimously this month to keep the rate at an all-time low of half a percent.

Minutes of the meeting released Wednesday revealed a division among members between those who believe spare production capacity will curb inflation, while others saw credit constraints and the Greek crisis as likely to keep inflation high.