A ninth interest rate hike in a row by the Bank of England looks to be a foregone conclusion and investors will be looking for clues on how many more will be needed with the economy sliding into recession but inflation still above 10%
at the fastest pace since at least 2001, excluding the pandemic period, according to figures released on Tuesday - probably worrying those officials who see a greater risk of inflation becoming embedded.
Investors mostly agree although financial markets put a roughly 25% chance of another 0.75 percentage point hike. The range of views reflects uncertainty not only about the economic outlook in 2023, but also the effect of the rise in interest rates since December last year, when the BoE first lifted Bank Rate from 0.1%.
The BoE has said labour shortages as well as trade and migration frictions due to Brexit have helped to push up prices on top of the huge surge in energy prices caused by Russia's invasion of Ukraine.
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