LONDON (Reuters) – Bank of England Chief Economist Huw Pill said on Friday there was growing evidence that the central bank’s run of interest rate increases was bringing down inflation which has weakened but remains almost four times the BoE’s 2% target.
“The MPC is committed to achieving its target,” Pill said during an online presentation organised by the BoE. “There are increasing signs that the policy actions it’s taken over the last 18 months are working in pursuit of that target.”
On Thursday, the central bank’s Monetary Policy Committee (MPC) raised its benchmark rate for the 14th time in a row.
(Reporting by Andy Bruce; Writing by William Schomberg)