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MNI BRIEF: Services Inflation Falling Too Slowly - BOE Greene

BOE MPC member Megan Greene speaks on the decline in services and wage inflation.
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MNI (LONDON)
UK services and wage inflation are "not coming down as quickly as I would like," Bank of England Monetary Policy Committee member Megan Greene said at an LSE European Institute event.
 
Greene said the economy has "actually seen wage growth come in higher than all of our wage models have been able to explain for a while now." This was expected to continue until the middle of next year with the rise in the minimum wage, the National Living Wage, posing a fresh upside inflation risk, she added. 
 
The MPC has set out three economic scenarios, the first of which sees disinflation continuing as the effects of the recent supply disruptions and energy price shocks fade, and the third of which sees structural change feeding through to more persistent, elevated inflation.
 
Greene said that for her the risks of the third case outweighed those of the first, benign disinflation, case and that developments "could imply more restrictive policy for longer." 
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MNI (LONDON)
UK services and wage inflation are "not coming down as quickly as I would like," Bank of England Monetary Policy Committee member Megan Greene said at an LSE European Institute event.
 
Greene said the economy has "actually seen wage growth come in higher than all of our wage models have been able to explain for a while now." This was expected to continue until the middle of next year with the rise in the minimum wage, the National Living Wage, posing a fresh upside inflation risk, she added. 
 
The MPC has set out three economic scenarios, the first of which sees disinflation continuing as the effects of the recent supply disruptions and energy price shocks fade, and the third of which sees structural change feeding through to more persistent, elevated inflation.
 
Greene said that for her the risks of the third case outweighed those of the first, benign disinflation, case and that developments "could imply more restrictive policy for longer."