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The Bank of England should not relax its efforts to revive the British economy despite the forecast for higher inflation this year, said Deputy Governor Ben Broadbent.
The The pick-up in the inflation rate, which the Bank expects to reach over 3%, is mainly due to temporary increases in property prices, he said.
The uncertainties around the pandemic remain, he added.
But some rs Bank policies have suggested that a change may be needed.
Last week Michael Saunders and Deputy Governor Dave Ramsden - both of whom are members of the Bank's Monetary Policy Committee (MPC) - said the time for a policy tightening monetary policy could approach.
But another MPC member Jonathan Haskel said reducing support for the economy was not the right option for the foreseeable future and Catherine Mann, who joined the MPC on September 1, warned against reducing stimuli too early.
Rising bills have sparked some headlines warning of a return to an era of high inflation and rising rates.
"Not So Fast " is the message of the one who matters really.
The Deputy Governor can only be one of the eight (usually nine) strong panels that set interest rates.
But he is Usually a good mood barometer at the Bank of England.
What we are seeing, it may indicate an adjustment: supply catching up with demand as the The economy is opening up.
There are physical bottlenecks, production problems and freight transport issues making thesubject of international trade.
We focused on spending on goods - a new TV says - rather than services - trips to the movies - under lockdown.
And companies have had to pay more to recruit staff, as time off limits job seekers.
These, Mr Broadbent said, should be installed. The peak in inflation may be temporary.
But it takes a year or two for interest rates to have an impact on inflation, and that is the horizon that policymakers are really focusing on.
What happens then, he says, depends on the job market.
Will today's higher inflation and skills shortages allow workers to secure sustained wage increases, putting pressure on prices?
Or will the end of the leave put a brake on wages with an influx of job seekers?
There is a lot of uncertainty -but our wages may hold the key to the future of interest rates.
The central bank of the UK Uni has two main tools for controlling inflation, which is measured by how quickly the prices of goods and services are rising.
One of these tools is setting interest rates , that the Bank does this by controlling the rate charged to banks to borrow money.
The second tool he uses is to create money digitally to buy bonds. 'State and corporate, that is, debts issued by the public and private sectors, traded as assets. This is called "quantitative easing ".
The Bank currently has a target bond purchase program of £ 895 billion.
Mr. Broadbent said on Thursday that it was probably not a good time to start pairing that support the comeback, despite the recent rebound in inflation.
"Although we know that going to go further over the next few months, I am not convinced that the current inflation in retail goods prices by itself should mean higher inflation 18 to 24 months ahead, the most relevant timeframe for monetary policy, "he said.
Most of the inflation in g Oil prices are due to rising oil prices, he said, which is expected "collapse " in early 2022.
The pressure will likely remain on suppliers of goods even if some of the heat comes from consumer demand, and it still existsurges to global supply chains due to Covid outbreaks.
Mr Broadbent's comments came as the European Central Bank decided to keep interest rates as they are and was giving indications that rates would likely be lower for longer.
The Bank of England will issue its next decision on UK Interest Rates on August 5.