Bank of England Deputy Governor Ben Broadbent spoke on Saturday at the Fed's Jackson Hole symposium.
Said that the added effects of the surge in prices, such as pressure to push up wages that has led to record growth in pay, were unlikely to fade away as rapidly as they emerged.
- "As such, monetary policy may well have to remain in restrictive territory for some time yet"
- Added that while its reasonable to expect a decline in energy and core goods prices over next few months "one can only be cautious" about how quickly the pressure on wages will ease off
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The Bank of England next meet on September 21 and a further rate cut is being priced in the market. The current BoE Bank rate is 5.25%, a rise to 5.5% is on the cards.
