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The remit for the Monetary Policy Committee (MPC) requires the Governor to write to the Chancellor if CPI inflation deviates from the 2 per cent target by more than one percentage point. The Governor’s letter should explain:
The remit requires a further letter after three months if inflation remains more than one percentage point above or below the target.
On 16 May 2011, the Governor wrote to the Chancellor about the CPI inflation rate for April 2011 of 4.5 per cent. The Chancellor replied on 17 May 2011.
On 14 February 2011, the Governor wrote to the Chancellor about the CPI inflation rate for January 2011 of 4.0 per cent. The Chancellor replied on 15 February 2011.
On 15 November 2010, the Governor wrote to the Chancellor about the CPI inflation rate for October 2010 of 3.2 per cent. The Chancellor replied on 16 November 2010.
CPI inflation in July 2010 remained above 3 per cent, prompting an open letter from the Governor to the Chancellor on 16 August 2010. The Chancellor replied to the Governor on the 17 August 2010.
On 17 May 2010, the Governor wrote to the Chancellor about CPI inflation for April 2010 being more than one percentage point above target. The Chancellor replied on 18 May 2010.
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