LONDON (AP) — 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...
LONDON — 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.
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% from 5%. It previously“A quarter-point rate cut in November is now effectively a done deal, and this report certainly makes the path to a consecutive cut in December much clearer,” said Luke Bartholomew, deputy chief economist at abrdn, formerly Aberdeen Asset Management.
The new Labour government has said that it needs to plug a 22 billion pound hole in the public finances and has indicated that it may have to raise taxes and lower spending, which would likely weigh on the near-term outlook for the British economy and put downward pressure on inflation.The lower inflation rate in September is a boon for Treasury chief Rachel Reeves as she prepares to deliver her first budget, since many annual benefits from the government are linked to September's rate.
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