The Bank of England’s chief economist pledged to ‘deliver inflation back to its 2% target’ despite the challenges of rising food and energy costs and a fall in the pound’s value that has made both more expensive. The central bank’s single purpose at the moment is to bring down the rate of price growth - a clear hint that more interest rate rises are on the way. His comments follow an equally stark warning from a deputy governor of the Bank, who said its monetary policy committee (MPC) would ‘do whatever is necessary’ to prevent the rocketing cost of living from becoming a lasting inflation problem. The Bank has raised interest rates five times since December in response to soaring prices.