Bank of England Chief Economist: Don't be overly optimistic about short-term inflation pullback. Bank of England Chief Economist Peel said on Friday that the Bank of England may be overly reassured about the expected inflation pullback in April and must ensure that price increases do not fall below target levels, which is crucial. Peel stated that just as the Bank of England had previously been cautious about temporary fluctuations in inflation rates in 2025, it should not overly focus on the forecast of inflation rates dropping to 2% in April, as regulated measures to reduce energy prices will take effect at that time. He said, "There is indeed a risk that we are too complacent about the trough caused by the fiscal downturn measures announced in November last year in the short-term inflation trend, thus to some extent ignoring the long-term trend of inflation." Peel said that monetary policy still needs to continue to address the persistence of inflationary pressures. In this week's Monetary Policy Committee vote, Peel voted to maintain the interest rate at 3.75%.