Alan Budd: I think that short-term inflationary pressures in the UK can mainly be ignored. The MPC’s nightmare is a shift in inflationary expectations but that didn’t happen during the recent rise in inflation.

Economists Survey

The results in full
Q1: What are the 3 main risks to economic stability in 2008?
Q2: How does the credit squeeze change the job of central banks?
Q3: How deep will the correction be in the housing market?
Q4: How far is it possible to ignore short-term inflationary pressures?
Q5: What needs to be done with the public finances?
Q6: Are emerging economies the next global bubble?
Q7: To what extent will the US election affect the world economy?
Q8: Where will Northern Rock be this time next year?
2007 survey

Ian Plenderleith: You can never ”ignore”, but what matters is how far you think the short-term pressures will affect the medium-term track for inflation looking ahead, and the impact on inflationary expectations.