Bank of England chief economist Huw Pill has warned that interest rates may need to rise this year to keep inflation under control, saying the UK's "speed limit at which you can run the economy is a bit lower than it's been in the past." Inflation is currently 2.8%, well above the Bank's 2% target, and Pill was in the minority of MPC members who voted for an increase in June. He noted that inflation has been at or above target for 53 of the past 56 months.

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