Bank of England chief economist warns high inflation rates may persist in 2022

Huw Pill says inflationary pressures still likely to be temporary and will fall back after disruptions of Covid and Brexit

The Bank of England's new chief economist has warned high rates of inflation could last longer than expected, due to severe supply shortages and rising household energy bills.

Huw Pill, who replaced Andy Haldane at Threadneedle Street last month, said inflationary pressures were still likely to prove temporary and would fall back over time, as the economy adjusted after disruption caused by Covid and Brexit.