'If there was any doubt that the Bank of England would have to raise interest rates again on Thursday, this has ended it.' Sky's gurpreetnarwan has more on news that the rate of inflation has remained at 8.7% according to official figures. 📺 Sky 501
The still-high rate of inflation means analysts are forecasting another interest rate hike tomorrow as the Bank of England looks to slow the economy.
"Although inflation is beginning to fall as we enter the second half of this year, it still lies far ahead of pay rises, meaning employees will remain grappling with the effects of a real-terms pay cut," Sheila Attwood, senior content manager at XpertHR, said.As we await the main inflation figure at 7am, we learned yesterday that the pace of grocery inflation seems to be easing.Kantar Worldpanel, which tracks supermarket sales and prices, reported a rise of 16.
For obvious reasons, governments want to keep inflation low - the target is 2%, and Rishi Sunak has pledged to get closer to that, 5%, this year. If inflation remains high, an interest rate hike of 0.25 or even 0.5% percentage points could follow at midday tomorrow. It has been warned that those renewing their property loans next year will end up paying out on average an extra £2,900 annually.
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