India, June 24 -- The Bank of England must have a prudent approach to reducing interest rates as the U.K. inflation may remain high for a longer time than expected rather than a short-term spike, and also due to risks on the global front including fluctuations in oil prices in the backdrop of the ongoing Middle East conflict, policymaker Megan Greene said on Tuesday.
"I worry about the near-term profile for inflation this year, which in my view now resembles more of a "plateau" than a "hump"," Greene, a member of the Monetary Policy Committee, said in a speech at the think tank National Institute of Economic and Social Research.
Headline consumer price inflation was 3.4 percent in May, which was slightly slower than the 3.5 percent in Apr...