UK inflation was below expectations in August
Consumer inflation (CPI) in the United Kingdom was below expectations in August. On an annual basis, the CPI was 6.7 percent in August.
In England, the CPI was expected to rise 0.7 percent monthly and 7 percent annually in August. Last month, the CPI was 6.8 percent.
Core inflation, which excludes food, alcohol and energy prices, fell from 6.9 percent in July to 6.2 percent in August. Services inflation rose 6.8 percent in August, slowing from 7.4 percent in July.
PRESSURE WILL INCREASE IN BOE
Thus, inflation, which should have begun to increase in the country, slowed slightly in August. Falling inflation may increase pressure on the Bank of England (BoE) to stop raising interest rates.
While the fall in almost all inflation measures surprised economists, it will be seen how effective inflation developments are in the Bank of England’s decision on interest rates tomorrow.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
