BOE’s Pill Warns Against Failing to React to Price Surge

Bank of England Chief Economist Huw Pill warned rate-setters cannot allow “the fog of uncertainty” to paralyze them in tackling a resurgence in inflation caused by war in the Middle East.

Pill said Tuesday that risks to the UK central bank’s ability to keep a lid on inflation are “mounting” and argued that worries over structural changes to the economy justify a cautious approach.