BoE's Lombardelli says the labour market is stuck in low gear, UK has a low-hire, low-fire labour market that creates its own problems; might be necessary to raise rates further in the near term

Balance of inflation risks to the upside Greater prospect of second-round effects Energy shock has become more persistent The longer energy costs stay high, the greater the pressure there will be on businesses to restore margins Argues that the conditions for persistent inflationary dynamics over the mid-term are crystallizing. In setting monetary policy, will continue to look beyond the headline numbers: at whether hiring is recovering, whether people can move towards the jobs available, and whether labour market weakness is genuinely easing wage and inflation pressures. That evidence will shape judgement of how much further monetary policy needs to go to return inflation sustainably to the 2% target.