Bank of England's Bailey: first glimmer inflation below where we thought

Bank of England Governor Andrew Bailey said on Thursday that there were signs inflation was now beginning to come down from its 41-year high, but that the BoE had still needed to raise rates to offset pressures from a tight labour market.

"We've seen possibly this week, the first glimmer that (inflation ) is not only beginning to come down, but it was a little bit below where we thought it would be," Bailey told reporters after the BoE raised its key interest rate by half a percentage point.

"That's obviously very good news. But there's a long way to go," Bailey added.