LONDON, March 21 (Reuters) - Bank of England Governor Mark Carney said it was important not to overreact to economic data for a single month after figures showed earlier on Tuesday that inflation rose by more than expected in February.
Consumer price inflation hit 2.3 percent last month, shooting past the BoE’s 2 percent target and its strongest in nearly three-and-a-half years.
“Look, (it‘s) a single data point. You never overreact to a single data point,” Carney said in response to a question on the inflation figures at a panel discussion in London on banking conduct standards.
Sterling hit a three-week high after the data was published and government bond prices fell as investors priced in a steeper path for BoE interest rates in the coming years. (Reporting by David Milliken; Writing by Andy Bruce; Editing by William Schomberg)