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Pill: Core Inflation "Stubborn"

BOE

Pill concludes his opening remarks with a discussion of iinflation dynamics:

  • He uses the word "stubbornly" when referring to core inflation. Key question is as wage development ease, will the measure of domestic inflation also ease?
  • Also focused on corporate price setting - we have seen a shift from time-dependent pricing to state-dependent pricing. For firms that are more state-dependent, their expectations of where prices are heading has risen more than those firms who set pricing on a more time-dependent pricing basis.
  • It's not just a convexity in the Phillips curve. Can we rely on a change to more state-dependent behaviour to lead to a fall in inflation or will is stay more stubborn going foward?
Pill's prepared comments conclude, the Q&A begins
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