Bank of England Governor Andrew Bailey insisted that the UK has yet to experience a clear second-round inflation effect. He expressed this opinion in an interview before the central bank's next interest rate decision on September 17. “We saw that the second-round effect was quite mild. I think the labor market has been weak for a while,” Bailey said at the Jackson Hole Economic Symposium in the US. “My opinion is that now we can observe the development of the situation first.” This is the first time since July 30 that Bailey has spoken publicly about monetary policy. The latest UK CPI data shows that inflation is on the rise. Households' expectations for price increases in the coming year have reached 3.9%, but the labor market is still weak, and wage growth in the private sector continues to decline.

Bank of England Governor Andrew Bailey insisted that the UK has yet to experience a clear second-round inflation effect. He expressed this opinion in an interview before the central bank's next interest rate decision on September 17. “We saw that the second-round effect was quite mild. I think the labor market has been weak for a while,” Bailey said at the Jackson Hole Economic Symposium in the US. “My opinion is that now we can observe the development of the situation first.” This is the first time since July 30 that Bailey has spoken publicly about monetary policy. The latest UK CPI data shows that inflation is on the rise. Households' expectations for price increases in the coming year have reached 3.9%, but the labor market is still weak, and wage growth in the private sector continues to decline.