The chief economist at the Bank of England (BoE), Huw Pill, said on Wednesday (10) that the institution is not able to control inflation at “high frequency”. “We have to be careful in saying that we could have controlled inflation if we had raised interest rates earlier,” he said in a BoE virtual question-and-answer session.
One of the main reasons for the high inflation is the rise in energy prices, which began to predominate in October or November of last year, he said. “As soon as we saw energy prices rise, we raised interest rates.”
Pill also said that, from a monetary policy point of view, making the economy more productive now is about ensuring a more stable environment.
He also noted that inflationary pressures in the UK differ “crucially” from those in the US. In the first, he highlighted gas and, in the second, the strong demand from consumers.
Source: CNN Brasil
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