It is for these reasons that the Board is resolute in its determination to return inflation to target within a reasonable timeframe and will do what is necessary to achieve that. 5/6  BIS - Central bankers' speeches  Our most recent set of forecasts, which were prepared in early May, have inflation returning to the top of the target band in mid-2025.
Data received since then had suggested that the inflation risks had shifted somewhat to the upside. The Board responded to this shift in risk with a further lift in interest rates. The Board is continuing to assess the central forecast and the risks and will conduct a full review at its next meeting in early August.