BoE Chief Economist Huw Pill commented on today’s UK GDP release at an event hosted by MNI Connect, calling the 0% growth in February “somewhat disappointing from an overall point of view.” However, Pill noted that the current data profile is much better than the Monetary Policy Committee’s forecasts from the second half of last year.
Pill also addressed inflation concerns, stating that “recent releases serve as a reminder that the precise path of inflation may be bumpier than we expect.” Despite this, he anticipates a decline in inflation in the second quarter as last year’s significant energy price increases drop out of the annual comparison.
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