Unexpected Rise in Inflation Deals Fresh Blow to Interest Rate Cut Hopes

November 20, 2024

UK inflation climbed to 2.3% in October, largely due to a 9.5% hike in the energy price cap.

Core inflation, which excludes food and energy, rose slightly to 3.3%, exceeding forecasts, while services inflation reached 5%.

These unexpected increases have diminished hopes for interest rate cuts, with the likelihood of a December reduction dropping to 16%.

The Bank of England faces challenges in balancing inflation control with economic growth. Government measures, like higher wages and taxes, are under scrutiny for potentially adding inflationary pressure as families grapple with rising living costs.
Source: sky news
Image: Capital.com

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