UK Inflation Holds for September Following as Bank of England Suspends Further Interest Rate Hikes
The post UK Inflation Holds for September Following as Bank of England Suspends Further Interest Rate Hikes appeared on BitcoinEthereumNews.com. The UK Chancellor of the Exchequer Jeremy Hunt is optimistic that inflation would ease. UK inflation came in for September at 6.7%, higher than expectations set by analysts. Also, inflation in the UK remained unchanged from August. While inflation remained unaltered, the UK’s headline consumer price index (CPI) met expectations from economists polled by Reuters. The economists predicted a monthly increase of 0.5% and an annual 6.6%. For core CPI, the UK’s figure fell to 6.1% year-on-year (YoY), higher than the 6% expected but lower than the 6.2% in August. Core CPI excludes the prices of food, energy, alcohol, and tobacco. UK Inflation and Interest Rates in September and Before The UK’s general CPI, which came down to 6.7%, was below expectations, which likely encouraged the Bank of England (BoE) to suspend hiking interest rates. The apex bank has increased interest rates 14 consecutive times since December 2021 to fight rising inflation. The rate moved from 0.1% at the time to the 5.25% in August. The Office for National Statistics (ONS) stated that the prices of food and non-alcoholic drinks in the UK fell by 0.2% in September. This resulted from heavy competition among supermarkets, which eventually tanked the prices of items like eggs, cheese, milk, juices, soft drinks, and mineral water. However, although the prices are lower than in August, they are still more than 12% higher than recorded in the same period last year. Fuel Prices Contributed to Inflation According to the ONS, an increase in diesel and petrol prices is a major reason for the pressure on the UK’s inflation. The price of diesel climbed at one of the fastest rates in the UK in 20 years. According to the RAC, a major automobile breakdown service provider, Diesel prices hit 163p a liter in September. Rising more than 8p,…
The post UK Inflation Holds for September Following as Bank of England Suspends Further Interest Rate Hikes appeared on BitcoinEthereumNews.com.
The UK Chancellor of the Exchequer Jeremy Hunt is optimistic that inflation would ease. UK inflation came in for September at 6.7%, higher than expectations set by analysts. Also, inflation in the UK remained unchanged from August. While inflation remained unaltered, the UK’s headline consumer price index (CPI) met expectations from economists polled by Reuters. The economists predicted a monthly increase of 0.5% and an annual 6.6%. For core CPI, the UK’s figure fell to 6.1% year-on-year (YoY), higher than the 6% expected but lower than the 6.2% in August. Core CPI excludes the prices of food, energy, alcohol, and tobacco. UK Inflation and Interest Rates in September and Before The UK’s general CPI, which came down to 6.7%, was below expectations, which likely encouraged the Bank of England (BoE) to suspend hiking interest rates. The apex bank has increased interest rates 14 consecutive times since December 2021 to fight rising inflation. The rate moved from 0.1% at the time to the 5.25% in August. The Office for National Statistics (ONS) stated that the prices of food and non-alcoholic drinks in the UK fell by 0.2% in September. This resulted from heavy competition among supermarkets, which eventually tanked the prices of items like eggs, cheese, milk, juices, soft drinks, and mineral water. However, although the prices are lower than in August, they are still more than 12% higher than recorded in the same period last year. Fuel Prices Contributed to Inflation According to the ONS, an increase in diesel and petrol prices is a major reason for the pressure on the UK’s inflation. The price of diesel climbed at one of the fastest rates in the UK in 20 years. According to the RAC, a major automobile breakdown service provider, Diesel prices hit 163p a liter in September. Rising more than 8p,…
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