In his usual post-meeting press conference, Bank of England Governor Andrew Bailey said that global inflationary pressures have intensified since Russia's invasion of Ukraine, reported Reuters. 

Additional Remarks:

The Ukraine invasion has led to a material deterioration in the growth outlook globally. 

Monetary policy must navigate the narrow path between increased inflation risks and the hit to activity from reduced real incomes.

There are important differences in how shocks are impacting different economies. 

UK inflation is well above target in the near term and then subsequently falls below its target. 

"I recognize the hardship that the current fall in real incomes will cause for many people in the UK, particularly those on the lowest incomes."

Risks to inflation are skewed to the upside.