5 sources·Business

UK Inflation Hits 2.6%, Raising Concerns Over Interest Rates

Inflation in the UK increased to 2.6% in November, affecting expectations for an interest rate cut from the Bank of England this week.

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Updated: Dec 18th, 2024, 6:10 AM ET

Summary

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Inflation in the UK rose to 2.6% in November, marking the second consecutive monthly increase, driven by rising costs in sectors like services and transport. This rise is expected to hinder the Bank of England from cutting interest rates in the near term. Concerns are mounting over the impact of government spending and higher business taxes on inflation, further complicating the economic landscape as wages also climb in response. The Bank's job of controlling inflation remains challenging amid mixed economic signals including slower growth and rising prices.

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UK Inflation Hits 2.6%, Raising Concerns Over Interest Rates - Pano News