Andrew Bailey warns doing too little on interest rates now could mean doing more later on.
Mr Bailey had previously said inflation - the rate at which prices rise - and wages data since February's rise had been as expected, which some took as a signal rates would not go up in March."If we do too little with interest rates now, we will only have to do more later on," he said.
He said the Bank needed to keep a close eye on how the interest rate rises it had already made were working to bring prices down. Inflation has fallen for three consecutive months to 10.1% after hitting a record high of 11.1% in October. It is currently more than five times the Bank's inflation target of 2%. The Bank expects the rate of inflation to fall further this year, with energy bills forecast to rise a lot less than they did last year.The Bank also released its annual survey on the cost of living which found households were changing their buying habits to cope with higher prices. The survey found that people were eating out less, cancelling subscription services, and switching to supermarket own-brand foods.
The Bank has predicted the UK will slide into recession - a period of economic decline - but this will not be as long or as severe as it previously thought.
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