Will UK inflation rise further?
Consumer price inflation hit a 30-year high in January, and is expected to rise even further when data for February are published on Wednesday.
Economists polled by Refinitiv are forecasting annual inflation of 5.9 per cent, up from 5.5 per cent. The data could underscore a dilemma for the Bank of England which is trying to tame runaway price rises without snuffing out economic growth.
The BoE raised interest rates for the third meeting in a row last week, as widely expected, but delivered a more dovish message than some investors had expected by highlighting the pressure on household incomes as Russia’s invasion of Ukraine drives a sharp rise in commodity prices.
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