Overview

• All MPC members backed the shift to monetary easing.
• Headline inflation is forecast to average 3.3% this year before stabilizing around the new 3% anchor.
• Growth forecasts for 2025 were trimmed following downward revisions to earlier GDP data and assumed US tariff increases.
• Recent data indicate the economy picked up in the second quarter, offsetting broader downside pressures.
• Persistent logistics bottlenecks and elevated uncertainty continue to dampen long-term growth momentum.