Chief economist Huw Pill has warned that food prices may never return to levels previously seen.
During a question-and-answer session with MPs on Monday, the economist admitted it was still not a "very comfortable level".
It comes days after the Bank decided to raise interest rates for the 14th time in a row in a bid to increase the cost of borrowing, dampen demand and therefore slow price rises.Mr Pill said food price inflation had been "more long lasting than expected" and there had been "some hiccups" with bringing it down - notably the war in Ukraine and the export of grain out of the Black Sea.
While he claimed the "direction of travel" was towards lower costs, he also said: "Unfortunately the days of seeing food prices fall, that does seem to be something that we may not be seeing for a little while yet, if in the future at all."according to the British Retail ConsortiumIts boss Helen Dickinson also warned of possible supply chain issues on the horizon, due to rice export restrictions from India, for example.
Mr Pill was rebuked by his boss, Bank of England governor Andrew Bailey, who said Mr Pill's "choice of words was not right". Mr Pill later apologised for the "inflammatory" comments which suggested people must accept they are poorer.Head to the reduced section first to see if it has anything you need
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