"We have raised interest rates a lot already, we believe inflation will fall quite rapidly before the summer," Bank of England (BoE) Governor Andrew Bailey said on Thursday.

"February inflation data means we need to see a fall in inflation happen," Bailey added. "We will go on making decisions needed for sustained low inflation."

Market reaction

These comments don't seem to be having a significant impact on Pound Sterling's performance against its rivals. As of writing, GBP/USD was up 0.4% on the day at 1.2313.