Bank of England 'showdown' on inflation imminent

Inflation rises to 4.2% in October

clock • 3 min read
Sterling rose against the euro to its strongest level since February 2020
Image:

Sterling rose against the euro to its strongest level since February 2020

News that CPI figures came in at 4.2% in October, their highest level since 2011, beating out both market and economist expectations, has placed increasing pressure on the Bank of England (BoE) to raise interest rates, possibly at its next meeting in December.

According to data from the Office for National Statistics (ONS), the annual rate of consumer price index rose to 4.2% last month, up from 3.1% in September, the fastest rise since November 2011, beating...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

The proportion of retail sales online has risen to 26.6%
UK

UK retail sales plummet in December as Omicron sweeps nation

Six times greater than predicted

clock 21 January 2022 • 1 min read
The largest inflation contributors were housing and household services, and transport
UK

'Back to the nineties': Industry reacts as UK inflation reaches 30-year high

The UK’s Consumer Price Index rose 20 basis points above expectations to 5.4% in the 12 months to December 2021, according to the Office for National Statistics, reaching its highest level since March 1992.

Lauren Mason
clock 19 January 2022 • 4 min read
Lord Myners has died aged 73.

City minister Lord Myners dies aged 73

Extensive career

clock 17 January 2022 • 1 min read
Trustpilot