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UK inflation could top 5% by early 2022, says Bank’s new chief economist
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theguardian.comInflation could rise above 5% by early next year, according to the Bank of England’s new chief economist.
Huw Pill, whoreplaced Andy Haldane in September, said that the Bank of England’s monetary policy committee was “finely balanced” over whether to raise interest rates at its next meeting on 4 November and that it would be a “live” decision.
Earlier this week, consumer price inflation fell back slightly to 3.1% despite pressure on households from soaring petrol prices and businesses being hit by shortages of lorry drivers and materials.
However, the Bank of England had previously said it expected inflation to exceed 4% by the end of the year.
Inflation has been on the rise this year, with businesses recovering from the coronavirus pandemic,
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