Points of the Bank of England Inflation Report (November 2017(

Following are the highlights of the BoE Inflation Report Thursday, November 2, 2017:
•    The Monetary Policy Committee of the Bank of England sets monetary policy to achieve inflation target at 2% in a way that helps sustain growth and employment levels.
•    By 7 votes to 2 the committee voted to raise interest rates to 0.50%.
•    The committee voted unanimously to keep government bond purchases worth 435£ bn.
•    Global growth momentum continued to be widespread and growth expectations for the euro area were strengthened.
•    The pound remains well below its levels before the EU referendum.
•    Consumption growth has slowed gradually since mid-2016, as the depreciation of the pound has squeezed real household income growth.
•    Consumption growth is expected to remain weak in the near term before gradually rising.
•    Employment levels remained fairly strong and unemployment fell more than expected.
•    Inflation rose to 3% in September, and is expected to peak to 3.2% in October due to higher import demand resulting from lower sterling and higher global energy prices.
•    Inflation levels rose more than 2% as companies face higher costs due to the depreciation of the pound.
•    Unemployment continued to decline and the excess capacity in the economy seems to be now limited.
•    Inflation is expected to remain slightly above the target of 2%.