UK inflation at 10-year high sets stage for interest rate rise within weeks
3 years, 1 month ago

UK inflation at 10-year high sets stage for interest rate rise within weeks

CNN  

London CNN Business — Britain looks set to become the first major economy to hike interest rates since the Covid-19 pandemic began after inflation data showed prices rising at the fastest rate in a decade. “The upside surprise in the October inflation data supports our expectation that the Bank of England will hike the bank rate by 15 basis points to 0.25% at its next monetary policy committee meeting on 16 December,” wrote Kallum Pickering, senior economist at Berenberg, in a research note. “When coupled with yesterday’s decent labor market release, the bigger-than-expected leap in CPI inflation in October makes an interest rate hike in December even more likely,” said Paul Dales, chief UK economist at Capital Economics. The UK Office for National Statistics said Wednesday that average gasoline prices — which hit a record high late last month — jumped by 22% in the year to October to 138.6 pence per liter.

History of this topic

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