UK inflation has remained at 2.2%, above the Bank of England’s target of 2%. Inflation remains steady as rental prices soar by 8.4% and house price inflation slows to 2.2%. However, a cut in interest rates tomorrow is unlikely. Asda appoints Stuart Rose as CEO to reverse declining sales. The pound has risen as the odds of a rate cut diminish.
While inflation has stabilized, services inflation has risen to 5.6%, prompting concerns. The Bank of England is expected to keep interest rates unchanged for now, with a potential cut in November. The UK economy faces challenges as millions of families struggle with rising prices.
Despite a slowdown in inflation rates, core inflation has increased, indicating potential future risks. Transitioning to lower interest rates is crucial for economic growth. The Resolution Foundation predicts interest rates will remain unchanged, while the TUC calls for a rate cut to stimulate the economy.
Factory gate inflation has slowed while services inflation has risen. Core inflation is at 3.6%, higher than expected. As the UK navigates through economic challenges, ensuring stable inflation and considering interest rate adjustments are key focus areas.
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