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Bank of England Chief Economist Calls for Rate Hikes Amid Inflation Concerns

3/24/2026

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Summary

Story summary

Huw Pill, the Bank of England Chief Economist, said decisive action is needed to tackle inflation linked to Middle East turmoil, speaking in Skopje, North Macedonia.
Pill indicated that Bank of England may need to raise rates.
Traders anticipated two or three rate hikes by year-end.
He warned structural changes could raise inflation despite a weak labor market.
Pill said Bank of England must stay cautious to avoid price effects.

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Story summary

Huw Pill, the Bank of England Chief Economist, said decisive action is needed to tackle inflation linked to Middle East turmoil, speaking in Skopje, North Macedonia.
Pill indicated that Bank of England may need to raise rates.
Traders anticipated two or three rate hikes by year-end.
He warned structural changes could raise inflation despite a weak labor market.
Pill said Bank of England must stay cautious to avoid price effects.