BOE Dhingra: We are already at high level of monetary policy restrictiveness

• We are already at high level of monetary policy restrictiveness
• medium-term inflation pressures are easing.
• Food prices are taking up, but not seeing the same rise in import costs as before.
• UK consumption is unusually week in Europe given high savings rate.
• Consumption spending is not a driver of growth in Britain, unlike US or euros down.
• Levels of capacity utilization in UK also .2 week demand rather than supply problems.

This article was written by Greg Michalowski at www.forexlive.com.