Bank of England's Carney says appropriate to look through oil prices

LONDON: Bank of England Governor Mark Carney said on Friday it would be appropriate to look through the effect of declining oil prices on inflation at a time when wages are growing.

Interest rates would need to increase gradually over the course of the next three years, if the BoE was to return inflation to its 2 percent target, he said in a newspaper interview in Davos, Switzerland.

"It is appropriate to look through those dynamics at a time when wages are growing and prices are having a one-off level shift," Carney told the New York Times. Carney also said he expected British wage growth to continue, although he said he would like he would like to see more evidence of this.