Bank of England governor says the UK is facing a wage-price spiral


A sign displays the price in pound sterling of food goods, including cucumbers, at a a fruit and vegetable market in stall east London on March 31, 2023.

Susannah Ireland | Afp | Getty Images

LONDON — After more than a year of warnings, Bank of England Governor Andrew Bailey says the U.K. is now experiencing a wage-price spiral despite 12 consecutive central bank interest rate hikes.

“Some of the strength in core inflation [in the U.K.] reflects the indirect effects of higher energy prices,” Bailey said in a Wednesday speech. “But it also reflects second-round effects as the external shocks we have seen interact with the state of the domestic economy.”

“As headline inflation falls, these…


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