BoE Chief Economist Huw Pill warned against putting too much emphasize on single data points today.
At a panel, he said, ” policymakers should be cautious about over-interpreting the latest news in data, because there is a lot of noise in the data flow, and partly because of some of the challenges our colleagues in the Office for National Statistics have faced.”
Pill said admitted that underlying inflation pressure might not be as intense as the 3.8% headline inflation suggested. However, he cautioned that other inflation related data had not slowed as much as expected.
