The Bank of England is struggling to bring inflation back to target because price rises are increasingly driven by people who are immune to the pressures of higher interest rates, a senior policymaker has said.
Catherine Mann, speaking at an FT event on Wednesday, said there was “a lack of consumer discipline” to rein in businesses’ pricing power in areas of the services sector where prices were often “sticky”, as they reflect conditions in the domestic economy rather than global shocks.
People on higher incomes, who still had money for discretionary purchases even with higher mortgage costs, were spending “disproportionately” on travel, eating out and entertainment, Mann said.
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