Data from the Office for National Statistics (ONS) today (18 June) revealed UK inflation remained stuck well above the Bank of England’s 2% target, dampening the chances of an interest rate cut later this week.
Inflation remained flat at 3.4% in May, after the UK's statistical office revised its initial 3.5% figure by 0.1 percentage points in April due to incorrect road tax data. This sparked conversation about the Monetary Policy Committee's (MPC) future path of rate cuts with central bankers set to convene on Thursday (19 June) to vote on whether to hike, hold or cut the bank rate. "With calls for caution already loud when the MPC last met in May, sticky inflation will only reinforce the position of those advising putting the brakes on interest rate cuts," warned Joe Nellis, economic advi...
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