Bank of England Governor: Interest Rate Hikes Near Peak

He added: “the judgements now are much finer… I think we are much nearer now to the top of the cycle.

“And I’m not therefore saying we’re at the top of the cycle, because we’ve got a meeting to come, but I think we are much nearer to it, on interest rates, on the basis of current evidence.”

The majority of economists anticipate that the Bank will raise interest rates for the 15th consecutive time to 5.5% later this month. They also predict that rates will reach their highest point at 5.75%, according to a poll.

Even though inflation has been slowly decreasing from its highest point of 11.1% in October of last year, the rate of price increases, which was at 6.8% for the year ending in July, is still quite high.

When asked about inflation, the governor told MPs: “Many of the indicators are now moving as we would expect them to move, and are signalling that the fall in inflation will continue and, as I’ve said a number of times, I think [it] will be quite marked by the end of this year.

“I should say possibly that we will get a tick up in the next release because fuel prices went down in August last year and went up a bit in August this year… but I don’t [see] that as a central change in the path.”