Bank of England’s (BOE) longest service member of the interest rate committee Martin Weale, while speaking in Northern Ireland, said the inflation is likely to take longer than expected to return to target levels. Weale said, “When the price (of oil) fell towards January of last year we thought that that would drop out of the data in a year's time. Well of course the price of oil then went up again and its come down quite a lot since may with the exception of the last few days. So there is a longer waiting period than we had expected but if we look at core measures of inflation, those are closer to the target but still below the target.” He also blamed Sterling exchange rate for delay in inflation returning to target levels. “Sterling dropped quite sharply in the last three or four months but it is appreciably higher that it was in 2013 and again that is not an affect that is going to last forever”, Weale added. For more information, read our latest forex news.