"There are reasons to think gas prices will come down, they tend to revert to historical levels," Bank of England (BOE) Governor Andrew Bailey noted on Friday, per Reuters.

Additional takeaways

"What we must do is prevent things getting worse on prices."

"We need to see restraint on wages."

"Without restraint on wages, inflation will get out of control."

"I am not saying don't give your staff a pay rise, this is about the size of it."

"We are seeing more wage pressure in the economy."

Market reaction

GBP/USD edged slightly lower on these comments and was last seen losing 0.07% on a daily basis at 1.3586.