5 sources·Business

UK Inflation Jumps to Six-Month High, Impacting Interest Rate Outlook

UK inflation rises to 2.3% driven by high energy costs, complicating Bank of England's rate decisions as cost of living pressures mount.

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Updated: Nov 20th, 2024, 5:53 AM ET

Summary

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Inflation in the UK surged to a six-month high of 2.3% in October, surpassing the Bank of England's target. Rising energy bills and the Labour government's budget measures are contributing factors. The unexpected increase puts pressure on interest rate plans, with no further cuts anticipated for 2023. Households and businesses face affordability challenges, as inflation rises alongside increased costs for loans and living expenses. Experts suggest the economy may see prolonged high rates as inflationary pressures persist both domestically and due to external global factors.

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