The chief economist at the Bank of England: Victory in the battle against inflation cannot be declared yet.

The Chief Economist of the Bank of England, Hugh Pill, made several important statements related to the path of monetary policy and economic conditions on Friday. The key points discussed by the British official were as follows:

• The process of reducing British inflation is still ongoing.
• However, the Bank of England cannot declare victory in the battle against inflation just yet.
• There is a need to support the pace of tightening monetary policy to overcome price pressures.
• There are clear reasons to be cautious and careful when the Bank of England eases its monetary policy.
• Other measures related to wage growth are declining but remain extremely high.

It is worth noting that the Monetary Policy Committee of the Bank of England decided to cut interest rates by 25 basis points in its meeting yesterday, Thursday. Additionally, Bank Governor Andrew Bailey opened the door to potential further interest rate cuts in the future.