BoE/Pill: There Are Still Steps to Take for Controlling Inflation

Forex - The Bank of England's (BoE) Chief Economist Huw Pill stated that the bank has a long way to go before it can celebrate controlling inflation. Pill noted that prices for services, among other expenses, are continuing to rise rapidly, increasing at a pace inconsistent with achieving the inflation target in the coming years. Pill mentioned, “There is still work to be done,” and added that any further cuts to the key interest rate would be 'gradual.'