Bank of England chief economist says there’s still ‘some work to do’ fighting inflation – as it happened

Rolling coverage of the latest economic and financial news, as Huw Pill warns against declaring premature inflation victory

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Huw Pill then explains that the Bank of England needs to see evidence that the persistent component of inflation is falling.

This is the parts of inflation that will still be there in 18 months or two years, when the impact of the Bank's interest rate increases have been fully felt, he says.

Will that unwind on its own accord, as we've seen with the reversal of gas prices?

History would tell you that's less likely to reverse on its own accord, or if it does it will be a slower process.

We still have some work to do, in order to get back to 2%.

And we probably have some work to do, to ensure that when we get back to 2% we do so in a way that is sustainable through time.