LONDON (Reuters) -Bank of England Governor Andrew Bailey said on Monday the British central bank had to "see the job through" on bringing down an inflation rate that is running higher than in any other major rich economy.

"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," Bailey said in the text of a speech he was due to deliver later on Monday to finance executives at London's Mansion House.

Bailey said BoE officials were watching data from the labour market and on services price inflation with a particular focus ahead of their next policy announcement on Aug. 3.

"Both price and wage increases at current rates are not consistent with the inflation target," Bailey said. "Currently at 8.7% in the latest data, consumer price inflation is unacceptably high, and we must bring it down to the 2% target."

The BoE has raised interest rates at each of the past 13 meetings of its Monetary Policy Committee.

(Reporting by David Milliken and Andy BruceEditing by William Schomberg)