Addressing the UK's lawmakers, the Bank of England's (BoE) governor Andrew Bailey stressed that it is important to return inflation to the 2% target.
The official also noted that Britain hasn't seen a jump in unemployment and the incomes of domestic households have risen in recent months. These factors mitigate the impact of higher interest rates, he added.
In addition, the BoE's chief noted that the events in the Middle East haven't yet had a big economic impact but warned that the world is a pretty uncertain place and there is still a risk of global shocks.