UK central bank chief economist Pier: Interest rates may need to remain at a high level.

Chief economist of the Bank of England, Peil, expressed concern on Tuesday that inflation in the UK may be stronger than the central bank's expectations, and interest rates may need to remain at a level higher than investors anticipate. Peil said that the inflation rate may stay at a level higher than the Bank of England's 2% target, which could "mean that, in order to ensure we return to our target within a reasonable period, the monetary policy response may need to be more aggressive or prolonged."