The Bank of England's Monetary Policy Committee said some of the factors that have kept inflation in check over the past 10 years may be eroding. Cheaper imports, globalisation and increased labour supply due partly to inward migration have all helped dampen inflation, it said in a written submission to the the parliamentary Treasury Committee. But the status-quo is not likely to remain unchanged. "The environment is unlikely to be so benign in the future," the central bank said. "Many of the benefits of globalisation have already worked through, and the adverse impact on commodity prices of the development of China and India is now being felt," it said. Additionally, the labour force is unlikely to grow as rapidly as it has done over the past 10 years or so. Some aspects of the global economy look unsustainable, particularly the pattern of global current account imbalances and the low level of real interest rates and the high degree of risk taking, the central bank added. "So the macroeconomic context is likely to be somewhat less benign," it said.