Britain’s Office for National Statistics said consumer prices rose 1.7% in September, down from 2.2% the previous month, largely as a result of lower air fares and petrol prices
A motorist refuels their diesel van at a Sainsbury's petrol station in Camberley, west of London, England, on Nov. 22, 2023. Inflation in the U.K. has fallen to its lowest level for more than three years, official figures showed Wednesday, a drop that has cemented market expectations that the Bank of England will lower interest rates at its next policy meeting in November.
As a result, the bank’s rate-setting panel is expected to further reduce its main interest rate when it meets again in early November to 4.75 per cent from 5 per cent. It previously cut borrowing costs in August, the first reduction since the early days of the coronavirus pandemic in early 2020. With higher interest rates helping to reduce inflation from multiyear highs by making it more expensive for businesses and consumers to borrow, they have started cutting interest rates. The U.S. Federal Reserve, for example, slashed its main rate last month, while the European Central Bank, which sets monetary policy for the 20 countries that use the euro, is expected to cut again on Thursday.
Inflation Bank Government Rate Result Economy Interest Office For National Statistics U.S. Federal Reserve Labour
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