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It also revised its forecast for inflation slightly upward.
Last month, the Bank lowered its forecast for inflation as well as for growth.
So back in November we published a forecast for inflation which was the highest we've ever published.
The Bank of England will release its latest monetary policy decision and unveil its updated forecast for inflation on Thursday.
The Bank also said this week that it had raised its forecast for inflation because of the recent fall in the pound.
Consumer price inflation is above target, and the forecast for inflation in two years' time is that it will still be above target.
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Financial analysts' forecasts for inflation this year have edged down, but not yet to 5.1%.
That compares with the Bank of England's forecasts for inflation of 2.7% in 2017 and in 2018.
The central bank is expected to provide its next round of forecasts for inflation and other economic indicators in November.
Economists expect the OBR to revise up its forecasts for inflation in 2017 from 1.6% to closer to 3%.
Recently, investors' forecasts for inflation have only decreased, while the dollar has become yet more expensive relative to other currencies.
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