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Monetary Policy Report - November 2022
In September, prices had risen by 10.1% compared to a year ago. That is well above our 2% target. Higher energy prices are one of the main reasons for this. Russia’s invasion of Ukraine has led to more large increases in the price of gas. Higher prices for the goods we buy from abroad have also played a big role. During the Covid pandemic people started to buy more goods. But the people selling these have had problems getting enough of them to sell to customers. That led to higher prices – particularly for goods imported from abroad. There is also pressure on prices from developments in the United Kingdom. ... (full story)
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