BOE Will Not Relent in Inflation Battle, Chief Economist Says
- Chief Economist says key price gauges ‘very elevated’ in UK
- Comments to FT push back against hopes of a summer rate cut
Huw Pill
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The Bank of England will not relent in its fight against inflation despite signs that the UK economy is weakening, the central bank’s chief economist Huw Pill said.
Domestic inflation pressures such as wage growth and services inflation remained “at very elevated levels,” Pill said. Any signs that economic activity was slowing had also been driven by a lack of supply rather than demand, he added, meaning it was “not as associated with easing of inflationary pressures.”