BoE’s Bailey: Too soon to declare rates have peaked

LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Thursday it was too soon to say that the fight to control inflation was over and that interest rates would stay where they were.

“The evidence has gone one way, then gone a bit the other way. So I don’t think it is time to sort of declare it’s all over and we’re sort of sitting where we are for the moment,” Bailey told a press conference after the BoE raised rates to a 15-year peak of 5.25%.

“I think that really does sit at odds with the fact that we’ve had some very big pieces of news and they’re not going in the same direction.

“We have to remain evidence driven. We’ve continued to use language which we’ve used before, which is to say, if we get more evidence of more persistent inflation, then we will have to react to that.

(Reporting by David Milliken and Kate Holton, writing by William James; Editing by William Schomberg)