While it is expected interest rates will peak at 4.25% in May, Mr Pill's comments may signal willingness to raise rates higher or for longer if inflation is not responding to upped rates
While it is expected interest rates will peak at 4.25% in May, Mr Pill's comments may signal willingness to raise rates higher or for longer if inflation is not responding to upped rates.but short supply of workers, and supply chain problems has created a"distinctive context that prevails in the UK", Huw Pill said.
These issues create"the potential for inflation to prove more persistent", Mr Pill said at an event of the Money Market Association of New York University.While energy prices have risen globally - fuelled by Russia's invasion of Ukraine and the ensuing rush away from Russian gas - the UK and Europe have had"significant adverse terms of trade shock", he said.
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