UK inflation falls back to Bank of England's target
Investing.com - U.K. inflation fell back to the Bank of England’s target for the first time in nearly three years, data showed earlier Wednesday, raising hopes that the central bank will start cutting interest rates in the near future.rose by 2.0% on an annual basis in the 12 months to May 2024, as expected, down from 2.3% in April - the slowest increase since July 2021.
This adds to the wider global disinflation story, after benign U.S. data last week, and follows a sustained period of high inflation in the UK, which peaked at 11.1% in October 2022 - the highest level since 1981.on interest rates on Thursday, although the central bank is still widely expected to stand pat on rates, for now.
The BoE steadily increased interest rates from December 2021, peaking at 5.25%, as part of efforts to bring down inflation to its target of 2%.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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