Chief Economist of the Bank of England: Don't have a false sense of security that inflation is under control.

Huw Pill, chief economist of the Bank of England, warned that despite the overall inflation rate moving closer to target levels, we should not develop a "false sense of security." Inflation has dropped from 3.4% in December to 3%, and is expected to fall to 2% by April. However, Pill warned that policymakers should not assume they have controlled consumer price rises and that potential pressures still pose a threat. Pill made these comments at an event on the US and UK economies organized by Elgin Advisory and the Society for Professional Economists. He is one of the more hawkish members of the Monetary Policy Committee and opposed a 25 basis point rate cut to 3.75% in December.