The panel “stands ready to act” to stop high inflation lingering, as it tries to navigate the wild energy-price swings of recent weeks. “Despite the sharp rise in energy prices, the majority appear unconvinced this will translate into more persistent domestic inflation.” The UK central bank restored the central inflation forecast it had ditched in April and also published a “mild” and “adverse” scenario showing the different paths for oil and gas costs. Amid easing domestic pressures, Ramsden and external member Alan Taylor suggested they could consider cuts should the war wrap up quickly. The BOE’s outlook has been clouded by a turbulent month for oil and gas prices that are critical to the UK’s inflation outlook.