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"While it is right to think that the direct effect of these energy and food shocks will fade away, they have been so large and so concatenated that it will continue to take some time to work through the system, making inflation persistent. But the still-high degree of labour market tightness continues to impart inflationary pressure. This will need higher rates for longer to get inflation sustainably to target. This is why I have been voting for higher rates at recent meetings."

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