Inflation is “taking a lot longer” than hoped to come down, Bank of England governor Andrew Bailey said on Tuesday, as investors bet on further interest rate rises on the back of strong wage data.
Following the release of figures showing annual private-sector wage growth climbing to 7.6 per cent in the three months to April, short-term gilt yields rose above the highs reached during the turmoil around Liz Truss’s “mini” Budget last autumn.
“As I’m afraid this morning’s numbers illustrate, we’ve got a very tight labour market,” Bailey said. “We still think the rate of inflation is going to come down, but it’s taking a lot longer than we expected.”
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