It will make it harder. It depends, obviously, on the size of the shock. If it's a big enough shock, the downward pressure on inflation caused as a result could cause us to reconsider our rates, but yes, I largely agree that when you're starting from a position when inflation is above target—and it's been there for two years—you have less scope to lower interest rates and stimulate growth.
On October 30th, 2023. See this statement in context.