Inflation has continued to surprise on The upside Because of unexpectedly high energy Costs Price rises have also become more Broadly based The baseline for inflation in the new Staff projections Has been revised upwards significantly With annual inflation At 5.1 percent in 22 2.1 in 23 And 1.9 in 24. Inflation excluding food and energy Is projected to average 2.6 in 22 1.8 percent in 23 And 1.9 percent in 24 Also higher than in the sub in the December projections Longer term inflation expectations Across a range of measures Have re-anchored At our inflation target The governing council sees it as Increasingly likely That inflation will stabilize At its two percent target over the Medium term
