• CPI likely to fall below zero in coming months

  • one off factors driving drop in in inflation rate

  • next interest rate move more likely than not to be an increase

  • increases likely more gradual than in previous cycles

Contents of letter to fin min Osborne to explain inflation falling short of target

Ryan has inflation report. I'll have rest of Carney live comments here

Full letter here

Q&A starting now 09.41 GMT