Bank of England member Catherine Mann: The inflation of service prices still has a long way to go.

During her speech at a panel discussion titled "The Global Macroeconomy in a New World" at the Washington Economic Festival, Bank of England policymaker Catherine Mann warned that inflation in the services sector still has a long way to go before reaching appropriate levels, adding that it remains significantly high.

Additionally, Catherine Mann's speech included the following points:

• This week's data was good, but economic forecasts for the UK remain largely modest.
• Consumer behavior remains the key focus for growth prospects.
• The UK economy is not expected to grow by more than 1%.
• Recent inflation data has been good.
• Service prices still have a long way to go.
• A slowdown in price inflation may not lead us to the 2% inflation target in the medium term.