US EditionUK inflation dips to 6.7%, below expectations as food prices ease
- In August, UK inflation unexpectedly fell to 6.7%, below expectations and down slightly from the previous month. This decrease in inflation has raised questions about the upcoming interest rate hike by the Bank of England.
- The largest downward contributions to the monthly change in inflation were from food prices, which rose less than the previous year, and accommodation services, where prices fell. On the other hand, rising motor fuel prices led to the largest upward contribution.
- Despite the unexpected decrease in inflation, the market has already priced in another interest rate hike, which would take the main bank rate to 5.5%, its highest level in over a decade. Many economists believe this could be the last hike in the bank's tightening cycle.
47 Articles
47 Articles
UK inflation in surprise fall in August, though Bank of England still set to raise rates
LONDON (AP) — Inflation across the U.K. fell unexpectedly in August to its lowest level since Russia launched its invasion of Ukraine, raising hopes that the Bank of England may pause interest rate hikes after another one on Thursday. The Office for National Statistics said Wednesday that price rises, as measured by the consumer prices index moderated to 6.7% in the year August, down from 6.8% in July. The decline took inflation to its lowest le…
UK inflation in surprise fall in August, though Bank of England still set to raise rates
LONDON (AP) -- Inflation across the U.K. fell unexpectedly in August to its lowest level since Russia launched its invasion of Ukraine, raising hopes that the Bank of England may pause interest rate hikes after another one on Thursday.
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