"In my view, a preponderance of turning points is not yet in
the data," she added, referring to a lack of evidence of big
falls in inflation expectations and underlying price pressures
which she wants to see before ending rate rises.
The BoE raised interest rates to 4% earlier this month but
signalled it was close to ending a run of increases which began
in December 2021.
Mann voted for the 50-basis-point rate rise in line with the
majority on the nine-member MPC, though in some previous months
she has favoured bigger rate rises than the consensus.
She has previously argued in favour of raising borrowing
costs sharply in the face of an inflation rate that remains
above 10%, even though the BoE has forecast that it will fall
sharply this year.
The former chief economist at the Organisation for Economic
Co-operation and Development and U.S. bank Citi said the run of
increases in borrowing costs so far undertaken by the BoE had
been historically aggressive, but perhaps insufficiently so,
given the multiple shocks that have hit Britain's economy.
"We have an inflation remit, and we will achieve it one way
or another. Failing to do enough now risks the worst of both
worlds," she said, warning of the possibility that rates have to
stay higher for longer to get inflation back down to 2%.
Two other members of the Monetary Policy Committee - Swati Dhingra and Silvana Tenreyro - voted to pause the rate hikes at this month's meeting.
Investors are expecting a quarter-of-a-percentage-point rate
hike - which would represent a slowdown in the pace of
tightening by the BoE - at the March meeting of the MPC, taking
Bank Rate to 4.25%, its highest since October 2008.
Mann said she was concerned that the sharp rise in energy
costs in late 2021 and 2022 had made businesses and households
more influenced by past inflation - rather than future weak
prospects for growth and the central bank's commitment to lower
inflation - when making their own decisions on wages and prices.
This in turn could make inflation stickier than before,
and delay the transmission of rate rises to the real economy, as
well as increasing the total amount of tightening and downward
pressure on output needed to return inflation to target.
Mann also said that she believed that in normal times,
interest rate changes took their full effect faster than the
18-24 months which economists have previously estimated.
(Reporting by William Schomberg and David Milliken; Editing by
Simon Cameron-Moore)
