BoE Governor Bailey says no rush to raise rates despite inflation set to hit 3.2%
The Bank of England is in no rush to respond to higher oil prices.
Inflation is expected to climb to 3.2% later this year, up from 2.8% in May.
The current oil prices are not much higher than before the Iran war began, and tightening is already built into the bond yield curve, giving the BoE time to judge the pass-through