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Inflation is rising faster and will last for longer than expected, the Bank of England’s new chief economist has said.
Huw Pill told the Commons Treasury select committee that the recent rise in prices would prove to be temporary but the “magnitude and duration of the transient inflation spike is proving greater than expected”.
The bank now believes that inflation will peak above 4%, and will only start to fall back towards the 2% target in the second half of next year.
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