Inflation has since shown signs of cooling. from a hotter-than-expected 8.7% in May, though core inflation — which excludes volatile energy, food, alcohol and tobacco prices — stayed sticky at an annualized 6.9%, down just slightly from May's 7.1%.
"I'm encouraged by the fact that we've seen now quite a decisive move in inflation and I expect more to come this year," Bailey said.
The Bank also updated its inflation forecast Thursday, saying it now expects inflation to dip to 4.9% by the end of this year; a quicker decline than it had anticipated in May. In its Monetary Policy Report, it said it sees inflation finishing 2024 at 2.5% before reaching — and eventually falling below — its 2% target in 2025.
Bailey said policymakers will remain "evidence-driven" in their forthcoming rate decisions, adding that there were many possible routes to reaching its target.
"There are, of course, many potential paths from here to there, to the 2% target," he said.
— CNBC's Elliot Smith contributed to this report.
