Bank of England has more ‘work to do’ to control inflation, says chief economist

Huw Pill raises possibility of fresh interest rate rise, saying war between Israel and Hamas may affect oil price

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The Bank of England has more “work to do” to ensure inflation is brought back under control, Threadneedle Street’s chief economist Huw Pill has said.

Raising the possibility of a fresh increase in borrowing costs from the Bank, Pill said the fact that the headline measure of the cost of living was now falling was not enough to claim victory.