“Regional agents are experiencing some second-round inflation impacts,” Bank of England Governor Andrew Bailey told the UK Parliament’s Treasury Select Committee on Wednesday.

In addition, here are some more comments:

“Since November, financial markets have pushed back when they expect energy prices to fall.”

“Tension on the Ukrainian border with Russia has elevated since November and is a concern for inflation.”

“There is a concern that there could be second-round effects on wages.”

“BoE regional agents are seeing some evidence of second-round inflation effects.”

“There is an argument that higher inflation could restrain demand in the economy and bring inflation back down.”

“I would not want to suggest that the Bank of England will not take action on interest rates if necessary.”

“Please do not think the BoE does not view inflation pressures as serious.”

“We do not see changes in the world economy that would bring interest rates back to levels seen before the global financial crisis.”

“Quantitative tightening probably won’t have that big an impact on yields if undertaken at a normal time.”

“We can and will do everything we can to control inflation.”

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