Inflation should thus remain within target over the forecasting period. Page 5 of 11  Meanwhile, core inflation is expected to average 4.8% in 2020 (compared with a forecast of 5.5% six months ago) and 4.5% in 2021. The MPC assessed the overall risks to the inflation outlook to be more or less evenly balanced. The recent downward trend in inflation outcomes were welcomed.
As previously indicated, the MPC prefers inflation to inflation to stabilise at around the midpoint of the target range. Future adjustment the monetary policy stance will be informed by a careful assessment of the balance of risks to the inflation outlook.