UK inflation unexpectedly surged to a 10-month high of 3% in January, driven by rising school fees, food and beverage costs, and stable airfares. This development poses a challenge for the Bank of England as it grapples with persistent price pressures and a sluggish economy.
UK inflation rose more than expected to a 10-month high of 3 per cent in January, highlighting the challenge for the Bank of England as it contends with persistent price pressures and a weakened economy.
The BoE said this month that price pressures were on “a bumpy path” as it forecast inflation would rise to 3.7 per cent in the middle of the year, propelled by higher global energy costs. The central bank said it expected inflation to later fall back to around its 2 per cent target.UK wage growth excluding bonuses accelerated to an annual rate of 5.9 per cent in the three months to December, figures published on Tuesday showed.
Following the inflation figures, traders stuck to bets that the BoE would deliver two further quarter-point cuts in rates this year after lowering borrowing costs this month, but scaled back the chance of the first move coming in March to 20 per cent from 25 per cent.
INFLATION BANK OF ENGLAND UK ECONOMY WAGE GROWTH INTEREST RATES
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