LONDON (Reuters] – To combat self-perpetuating prices rises, Huw Pil, Chief Economist at Bank of England, announced in a speech Friday that the Bank of England would need to increase interest rates.

He said, “Tightening has more to go.”

He said, “With the support of the Monetary Policy Committee’s independence to achieve that goal, we can take sometimes difficult decisions to reduce inflation to 2% and maintain it there.”