Broadbent says inflation to stay below 1pc

LONDON: Bank of England Deputy Governor Ben Broadbent said on Friday the recent drop in oil prices is likely to keep British inflation below 1 percent throughout this year. "That drop (in oil prices) has been a pretty protracted one, and it will keep inflation below 1 percent, in all likelihood, throughout this year," Broadbent told BBC radio. "But after that it's likely to rise, and indeed we expect it to go back to the target, if not to say a little above it in two or three years." Broadbent repeated his view that there is no urgent need to raise interest rates. On Thursday, the BoE trimmed its forecasts for British economic growth.