Inflation expected to fall to fresh low of over two years
==========
UK inflation is expected to have fallen to a fresh low of nearly two and a half years when official data for February is released. Most economists expect the figures from the Office for National Statistics (ONS) to show that inflation fell to 3.5% in February – down from 4% in January and the lowest since September 2021, when it was 3.1%. Another steep fall in the Consumer Prices Index (CPI) is likely to reinforce expectations that the Bank of England is moving closer to cutting rates later this year. However, there are still some inflation pressures, including higher fuel prices and potential disruptions in the Red Sea and EU imports. The falling inflation comes after the UK fell into recession at the end of last year, with the economy contracting by 0.3% in the final three months. Despite the falling inflation and economic woes, experts are expecting that only one of the Bank’s nine-strong rates setting committee to vote for a cut on Thursday. The Bank expects inflation to fall back to its target between April and June this year, but predicts it will only stay there temporarily before increasing during the second half of the year.
#Inflation #BankOfEngland #InterestRates #Economy #Recession
https://www.expressandstar.com/news/uk-news/2024/03/20/inflation-expected-to-fall-to-fresh-low-of-over-two-years/
Express & Star /
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2024-03-20 07:39:58
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2024-03-20 07:39:58Event JSON
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"content": "Inflation expected to fall to fresh low of over two years\n==========\n\nUK inflation is expected to have fallen to a fresh low of nearly two and a half years when official data for February is released. Most economists expect the figures from the Office for National Statistics (ONS) to show that inflation fell to 3.5% in February – down from 4% in January and the lowest since September 2021, when it was 3.1%. Another steep fall in the Consumer Prices Index (CPI) is likely to reinforce expectations that the Bank of England is moving closer to cutting rates later this year. However, there are still some inflation pressures, including higher fuel prices and potential disruptions in the Red Sea and EU imports. The falling inflation comes after the UK fell into recession at the end of last year, with the economy contracting by 0.3% in the final three months. Despite the falling inflation and economic woes, experts are expecting that only one of the Bank’s nine-strong rates setting committee to vote for a cut on Thursday. The Bank expects inflation to fall back to its target between April and June this year, but predicts it will only stay there temporarily before increasing during the second half of the year.\n\n#Inflation #BankOfEngland #InterestRates #Economy #Recession\n\nhttps://www.expressandstar.com/news/uk-news/2024/03/20/inflation-expected-to-fall-to-fresh-low-of-over-two-years/",
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