UK inflation will fall rapidly, says ex-Bank of England economist

‘Pretty much nailed on’ that the rate will halve in next six months, Andy Haldane adds

The former chief economist of the Bank of England has predicted that inflation will fall rapidly in the coming months, and advised interest rate setters to consider pausing further increases in borrowing costs.

Andy Haldane, who left the Bank in 2021 to lead the Royal Society of Arts thinktank, said it was “pretty much nailed on” that inflation would halve in the next six months, hitting a target set in January by the prime minister, Rishi Sunak – because of an inevitable slowdown in energy price increases.