The Bank of England governor warned on Monday it was too early to declare victory over inflation even after the weaker price growth reported this month, as he predicted UK monetary policy will have to stay restrictive for “quite some time yet”.
Andrew Bailey argued in a speech that the squeeze on household incomes from higher food and energy prices might still be influencing wage demands, which risks perpetuating inflationary pressures.
The Office for National Statistics last week reported a steeper than expected drop in the headline inflation rate, to 4.6 per cent in October, from 6.7 per cent in September.
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