The Bank of England’s chief economist on Monday warned that the UK faces a more serious threat of persistently high inflation than other advanced countries, signalling interest rates might have to stay higher for longer.
In a hawkish speech in New York, Huw Pill suggested the UK’s “distinctive” inflation problem combined the worst of both US and European pricing problems.
He said the BoE initially had to deal with a surge in natural gas prices, but the risk of inflation staying high was compounded by low unemployment, Britons quitting the jobs market, and companies finding it relatively easy to raise the cost of their products.
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