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U.K. Inflation Rate Holds Steady At 4%
(MENAFN- Baystreet)
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Economists polled by the Reuters news agency had expected the annual rate of inflation to rise to 4.2% in January.
The core inflation rate, which excludes volatile food, energy, alcohol, and tobacco prices, was also unchanged in January from December at 5.1%, according to the Office for National Statistics.
Food inflation fell across the United Kingdom for the first time since September 2021, dropping by 0.4% from December levels.
Service inflation, which is an indicator of domestic price pressures, rose to 6.5% in January from 6.4% in December, but was also not as strong as forecast.
Consumer prices in Britain are now down from a peak of 11.1% reached in October 2022. In response, the Bank of England raised interest rates to their highest level in 16 years.
Traders are now putting a 72% chance of an interest rate cut in Britain occurring in June of this year, up from 40% a week ago.
The Pound Sterling weakened against the U.S. dollar and Euro currency after the January inflation data was made public.
Economists polled by the Reuters news agency had expected the annual rate of inflation to rise to 4.2% in January.
The core inflation rate, which excludes volatile food, energy, alcohol, and tobacco prices, was also unchanged in January from December at 5.1%, according to the Office for National Statistics.
Food inflation fell across the United Kingdom for the first time since September 2021, dropping by 0.4% from December levels.
Service inflation, which is an indicator of domestic price pressures, rose to 6.5% in January from 6.4% in December, but was also not as strong as forecast.
Consumer prices in Britain are now down from a peak of 11.1% reached in October 2022. In response, the Bank of England raised interest rates to their highest level in 16 years.
Traders are now putting a 72% chance of an interest rate cut in Britain occurring in June of this year, up from 40% a week ago.
The Pound Sterling weakened against the U.S. dollar and Euro currency after the January inflation data was made public.
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