High inflation will stay persistent unless people accept that they are poorer, a senior UK central bank official has said.
The UK’s Consumer Prices Index inflation fell slightly to 10.1 percent in March from 10.4 percent in February, but remained in the double digits, according to the Office of National Statistics (ONS).
Huw Pill, chief economist of the Bank of England, blamed the persistent inflation partly on employees and businesses who have responded to higher bills and costs by asking for higher wages or charging their customers more money.
This, he said, adds to inflation, pushing up prices even further across the economy….