UK inflation slows sharply, boosting BoE and PM Sunak
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British inflation cooled more than expected in October as household energy prices dropped from a year ago...
Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
16 Nov 2023
British inflation cooled more than expected in October as household energy prices dropped from a year ago and there was also a wider softening of price pressures, offering relief to the Bank of England and Prime Minister Rishi Sunak.
Annual consumer price inflation plunged to a lower-than-expected 4.6% from 6.7% in September, official data showed. The increase was the smallest in two years and prompted investors to increase their bets on BoE rate cuts next year.
«Now we are beginning to win the battle against inflation we can move to the next part of our economic plan, which is the long-term growth of the British economy,» finance minister Jeremy Hunt said.
He is expected to offer investment incentives to businesses in a budget update on Nov. 22.
The BoE's forecasts and the consensus from a Reuters poll of economists had pointed to an October reading of 4.8%.
The ONS said the fall in the annual CPI rate was the biggest from one month to the
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