BoE MPC member Catherine Mann delivered a stark message overnight, emphasizing that the UK has “a long way to go” in controlling both services and goods inflation.
“We’re nowhere near the historical relationship between services and goods that is consistent with headline at 2(%),” she added.
Highlighting the “deterioration in the supply side” as a crucial factor, Mann pointed to the tight labour market as a potential source of sustained inflationary pressures.
Mann, recognized for her hawkish stance on monetary policy, was one of two MPC members who advocated for an interest rate hike in the previous month.
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