City economists predict annual rate to rise to 2.3% in July after two months at Bank’s 2% targetThe Bank of England is poised for a setback in the battle against high inflation this week amid expectations for a first increase in the headline rate this year, highlighting the pressure from the cost of living crisis.In a week of key updates from the British economy, official figures on Wednesday are expected to show inflation returned above the Bank’s 2% target in July, driven in part by fast-rising prices for air fares, package holidays and hotels. Continue reading…
Source link : https://www.theguardian.com/business/article/2024/aug/12/first-uk-inflation-increase-of-year-forecast-in-setback-for-bank-of-england
Author : Richard Partington Economics correspondent
Publish date : 2024-08-12 05:00:32
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