Even without rate increase in August, rates were sufficient to return inflation to target over medium term.

I saw case for raising rates further until there was clear data that we had done enough.

Risk that very high headline rate of inflation could feed wage-price dynamics.

More gradual pace of tightening reduces risk of overshooting.

We should be going slowly when there is a lot of uncertainty.

I will consider further rate rises until we have clear evidence of impact on inflation.

Short-term inflation expectations have very little predictive power.