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Reuters

BoE’s Pill sees need for further interest rate rises

The Bank of England will need to raise interest rates further to combat the risk of self-perpetuating price rises, the central bank’s chief economist, Huw Pill, said on Friday. Pill said the central bank was battling the biggest inflation challenge since it gained operational independence in 1997, with inflation at a 40-year high of 9.0% and set to hit double digits later this year. While inflation in the short-term was driven by factors such as geopolitical conflict, surging energy prices and supply-chain bottlenecks which the BoE could not control, he said it needed to ensure expectations of high inflation did not become entrenched.

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