(Bloomberg) -- UK inflation held at just above the Bank of England’s 2% target in August, cementing expectations that policymakers will cut interest rates...
-- UK inflation held at just above the Bank of England’s 2% target in August, cementing expectations that policymakers will cut interest rates again later this year.Consumer prices rose 2.2% from a year earlier, the same pace as in July and below the BOE’s forecast, the Office for National Statistics said Wednesday. The reading was in line with the median expectation of economists surveyed by Bloomberg .
While policymakers are expected to leave rates unchanged at 5% at their decision on Thursday, market expectations of further easing have been mounting. Traders are pricing in cuts for both November and December with five more to follow in 2025. The pound gained 0.1% to $1.3179. Monetary policy remains restrictive and energy bills are set to rise from October, putting upward pressures on headline inflation. Meanwhile, Chancellor Rachel Reeves is expected to announce tax hikes in her Oct. 30 budget to fill what she claims is a hole in the public finances left by the previous government.
He said last month that second round inflation effects have been “smaller than we expected,” though he stressed that the “job is not completed.”
Price Pressures Bank’S Monetary Policy Committee Office For National Statistics
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