UK's Johnson says inflation fears are unfounded

LONDON, Oct 5 (Reuters) - British Prime Minister Boris
Johnson said on Tuesday that a recent jump in inflation would be
solved by businesses following the laws of supply and demand as
the economy "roars back to life" after its coronavirus
lockdowns.

"People have been worried about inflation for a very long
time. I'm looking at, robust economic growth. And by the way,
those, those fears have been unfounded," Johnson told Sky News.

He said Britain's supply chains were "incredibly clever and
robust" and a recent shortage of fuel caused by a lack of tanker
truck drivers was easing.

"You're going to see brilliant businesses, brilliant people
making sure that we have the supplies that we need," Johnson
said in an interview on the sidelines of an annual conference of
his Conservative Party.

Britain's consumer price inflation rate leapt by the most on
record in August to hit 3.2% and the Bank of England thinks it
is on course to go above 4%, more than double its 2% target.

The BoE, like many other central banks around the world
facing a jump in inflation in their economies, also thinks the
rise will prove transitory.

Earlier on Tuesday, Johnson said Britain was not in an
economic crisis due to the shortage of labour and the country
was not facing a 1970s-style inflationary spiral.
(Writing by William Schomberg; Editing by Kate Holton)