Inflation is likely to remain “stubbornly” above the Bank of England’s 2% target, its chief economist Huw Pill said in a speech at the Festival of Economics in Bristol yesterday (14 November).
According to The Times, Pill said: "One of the risks looking forward is that the underlying persistence in inflation may be a bit more sustained because what we are seeing is a slowdown in activity, which is more supply-driven than demand-driven." The chief economist warned that wage growth remained "very strong" in the UK, as service inflation had been "stubbornly high", according to Bloomberg. BoE's Mann: Climate change inflation is a 'concern' for all central bankers While this did not mean that the central bank needed to raise interest rates further, Pill said the BoE was "prep...
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