BoE Chief Economist Huw Pill, in a speech, highlighted the importance of delivering enough monetary tightening to “see the job through” and return inflation to target levels on a sustainable basis. He acknowledged the significant policy lag in monetary policy transmission but maintained that a cautious approach was still required.
Pill noted that while headline inflation is set to decline substantially during the year due to base effects and falling energy prices, it’s crucial to remain vigilant regarding domestically generated inflation. He stated, “caution is still needed in assessing inflation prospects on account of the potential persistence of domestically generated inflation.”
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