BoE deputy governor: Rates need to stay high for l

Aihuicha, August 27th, Bank of England Deputy Governor Broadbent said at the Jackson Hole annual meeting that despite the recent decline in natural gas and producer prices, inflation will not fade as quickly as when it erupted. The central bank must keep interest rates high for longer. "The second-round effects don't fade as quickly as they first appeared," Broadbent said. "As a result, monetary policy will likely have to remain at a restrictive level for some time." Broadbant also believes that governments should bear some of the blame for inflation because they are so dependent on Russia's "single source of gas." He added that headline inflation would fall "in the coming months" and living standards in the UK would start to improve.