The Governor of the Bank of England has vowed that the central bank must “see the job through” to quickly bring inflation back down.

Andrew Bailey will stress that “unacceptably high” inflation is currently his “pre-occupation”, in a speech set to be delivered to finance industry bosses and the Chancellor at London’s Mansion House later on Monday evening.

In May, UK Consumer Price Index (CPI) inflation struck a hotter-than-expected 8.7% – higher than any other of the world’s richest economies.

The Bank of England has a target to get inflation to 2%, but has previously forecast that it could remain above 5% by the end of the year – despite recent easing in energy prices.

“As you will understand, my pre-occupation at the moment is inflation,” Mr Bailey said.

“It is crucial that we see the job through, meet our mandate to return inflation to its 2% target, and provide the environment of price stability in which the UK economy can thrive.

“This is the best contribution monetary policy can make to the prosperity of the United Kingdom.”

The Governor will also tell bosses that easing food and energy bills will help drive a notable slowdown in the rate of inflation over the rest of the year.

“UK headline inflation is set to fall markedly over the remainder of the year,” he will say.

“This largely owes to lower energy prices as last year’s substantial increases drop out of the annual calculation.

“Food prices should fall too as lower commodity prices feed through to prices in the shops.”

Mr Bailey will also stress that the UK economy has shown “unexpected resilience” in the face of economic shocks.

Inflation peaked at 11.1% late last year and has slowed in recent months, but the Bank of England has hiked interest rates consistently over the past year in an effort to drag inflation down more quickly.