He pointed to the number of people who left the workforce after COVID-19 and are classed as economically inactive as a contributing factor.
The Bank of England has raised interest rates to a 15-year high in an attempt to bring inflation down.
The ECB event was attended by the head of the US and UK central banks, who discussed interest rate decisions.
The bank is also looking at the role of artificial intelligence in its analysis and operations.
LONDON DAILY ARCHIVE
Bank of England Governor Links UK's High Inflation to Strong Labor Market
The governor of the Bank of England, Andrew Bailey, has stated that the UK's labor market, with near-record low unemployment, more than a million job vacancies, and wage growth of 7.2%, is the reason for the country's persistently high inflation rate, which is higher than both the US and Eurozone.
29 June 2023 · 23:39 UTC
