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Bank of England keeping close eye on shipping costs - Bailey

Reuters
·1-min read
FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London

LONDON (Reuters) - The Bank of England is paying close attention to rising shipping costs as it tries to judge how much inflation is likely to pick up in the coming months, Governor Andrew Bailey said on Friday.

"We have seen some quite sharp rises and some shipping costs (increase)," Bailey said during an online presentation organised by the BoE.

He said the increase in costs was "not a Brexit story" but reflected the pick-up in world trade and the impact of the global COVID-19 pandemic which had affected shipping patterns and the supply of containers.

(Reporting by David Milliken; Writing by William Schomberg; editing by Michael Holden)