Bank of England Monetary Policy Committee member Tim Besley warned about rising inflationary pressures within the economy and said the central bank remains committed to its mandate to target CPI inflation at 2 pct on a two-year horizon. "What is key is that we are going to see a run-up due to food and electricity prices. The Bank is committed, and will remain committed, to bringing inflation back to target over the medium term," Besley said in an interview with the Nottingham Evening Post. Though he said he expects "softer" growth this year after strong growth in 2007, Besley remains concerned about the degree to which a softer pound and sky-high energy and commodity prices will transmit into higher prices on the high street. "There is quite a long chain of links before import prices hit you and me. Some we buy as raw materials, such as petrol, hit us more immediately. "But for a lot of goods there is a chain through which it will eventually come. The speed with which it comes through and by how much is something about which there is much uncertainty," he told the paper. Besley rejected the notion that there were signs of doom and gloom in the economy. "One shouldn't proclaim there has been an entire sea change," he said. "What I have heard on my trip to the region is that people are beginning to be realistic and cautious in their approach to things like the housing market and that is broadly consistent with the economic circumstances we are in now as opposed to a year ago," he told the paper. The rate-setter stuck with the forecasts published in the BoE's Inflation Report earlier this month, but said that a period of slower growth should not be alarming. "A period in which people rebuild their savings is part and parcel of the normal cycle of economic activity and we shouldn't be drawn in to writing headlines that suggest any softness in consumer spending means some economic disaster is looming," he said. The Bank of England has cut interest rates by a quarter point in December and February, taking the key Bank rate down to 5.25 pct. One further cut is expected, but Besley's comments suggest there is no need for an immediate move. Most in the market expect the next rate cut to come in May. Nevertheless, Besley said slowing demand from the consumer and from house prices are set to weigh on economic growth. "We are likely to see some softening on the consumer side of the economy with broadly flat house prices over the period."