BoE's Saunders: Not clear if recent developments in Ukraine affect inflation outlook 2-3 years out

Bank of England Monetary Policy Committee member Michael Saunders said on Tuesday that it isn't clear whether recent developments in Ukraine will have any effect on inflation two to three years out. However, if the large energy price rises as a result of Russia's invasion of Ukraine are maintained, this would add to the inflation peak. Saunders said that he does not want to be drawn now on the monetary policy implications of the war in Ukraine.