Inflation Concerns Loom as BoE’s Catherine Mann Warns of Rising Prices

Catherine Mann, a member of the Bank of England's monetary policy committee, warns of rising prices and prolonged wage pressures in an economics podcast with the Financial Times. Despite the inflation rate being at the bank's 2% target in June, Mann expresses concerns about upside risks.

Catherine Mann, an external member of the Bank of England's (BoE) monetary policy committee, stated that both goods and services prices are expected to rise again, accompanied by sustained wage pressures that could take years to alleviate. She shared these insights during an Economics Show podcast with the Financial Times.

Mann told the Financial Times that she remains worried about the upside risks to inflation, even though the bank's main rate stood at its 2% target in June. Her comments highlight persistent economic challenges despite the current rate stability.

Her warnings come at a critical time for the UK economy, where the balance between inflation control and economic growth remains a focal point for policymakers.

(With inputs from agencies.)