Bank of England Still Has Some Work to Do to Tame Inflation, Chief Economist Says

By Paul Hannon

The Bank of England still has some way to go before it can celebrate having tamed inflation, its chief economist said Tuesday.

The central bank lowered its key interest rate for a second time last week, responding to a decline in the rate of inflation over recent months.

But Huw Pill said wages continue to rise rapidly, as do services prices, and at a pace that isn't consistent with meeting the inflation target over coming years.

"There is still some work to be done," he said, adding that further reductions in the key rate will be "gradual."

Write to Paul Hannon at [e-mail]

(END) Dow Jones Newswires

11-12-24 0501ET