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Ukraine invasion worsens UK inflation trade-off – BoE’s Tenreyro

© Reuters. FILE PHOTO: People shop at a supermarket in London, Britain December 24, 2021. REUTERS/Kevin Coombs

LONDON (Reuters) – Russia’s invasion of Ukraine has increased the inflation pressures faced by Britain’s economy, Bank of England policymaker Silvana Tenreyro said on Wednesday.

“(The) major aftershock of the pandemic has been a negative supply shock, with increases in the prices of energy and tradeable goods,” Tenreyro said at an event hosted by Britain’s Economic Research Council.

The further upward pressure on oil and natural gas prices caused by the Russian invasion would deepen the trade-off between growth and inflation faced by the BoE, she added.

Ukraine invasion boosts UK inflation pressure – BoE’s Tenreyro

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