BoE’s Pill: Latest data points to more persistent inflation

Matías Salord FXStreet

Bank of England (BoE) Chief Economist Huw Pill said on Monday that there are risks on both sides of UK inflation. According to him, inflation is likely to return to the target during the first half of 2025. He expects inflation to fall to 5% by the end of the current year.

Pill sees real wage growth during the second half of 2023. He mentioned that the latest data points to more persistent inflation, particularly due to food inflation that is longer-lasting than past spikes.

Market reaction:

GBP/USD is rising modestly on Monday, hovering around 1.2775, as it has been the case over the last hours. Pill's comments had no significant impact.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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