BoE’s Pill says focus is on slower-moving elements of inflation
Policy-makers trying to walk “narrow path” as they resist second-round effects of high inflation
The Bank of England’s monetary policy committee is trying to ward off slow but persistent forces that could support inflation over the medium term, chief economist Huw Pill said today (July 6).
Inflation in the UK – which hit 9.1% in May – is being driven by a mix of high global prices due to supply shocks and domestic factors, as firms raise prices and workers seek higher wages to offset the shocks. Pill said monetary policy’s lagged effects meant it made sense to target the domestic “second
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