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UK inflation surges above Bank of England's 2% target, curbing December rate cut expectations
U.K. inflation picked up sharply to a higher-than-expected 2.3% in October, data from the British Office for National Statistics showed Wednesday, tempering expectations of a December interest rate cut from the Bank of England. The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters. The latest print once again brings inflation above the Bank of England’s 2% target, potentially dampening the prospects of a final interest rate cut this year. Sterling ticked up marginally following the latest inflation print, trading 0.1% higher at $1.2692 ... (full story)
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- Posted: Nov 20, 2024 6:46am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,528
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