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- BoE's Pill: Weak UK activity isn't putting much downside pressure on inflation
BoE's Pill: Weak UK activity isn't putting much downside pressure on inflation
Bank of England (BoE) Chief Economist and Monetary Policy Committee (MPC) member Huw Pill gave talking points while participating in a panel discussion at the Annual National Association for Business Economics Economic Policy Conference, in Washington DC late Friday.
The panel discussion is titled "Perspectives on Global Monetary Policy".
Key highlights
- BoE has good news on headline inflation, but needs to take a look at persistent components.
- UK labor market remains tight, driven by both weak supply and strong demand.
- The economic situation in the UK looks "a little less benign" than in the US.
- Services inflation in particular remains a reason for concern.
- Only modest evidence of a reversion in inflation.
- Recession is not necessarily forcing down inflation.
- Plenty of reasons for caution over trajectory of inflation, need to see further easing of wage pressures.
- BoE will need several months of data before being convinced persistent inflation is gone.
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