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Reading: Prior to the interest rate decision, the CPI inflation indicator remains unchanged, but another measure suddenly increases.
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Baner Club > Blog > Business > Prior to the interest rate decision, the CPI inflation indicator remains unchanged, but another measure suddenly increases.
Business

Prior to the interest rate decision, the CPI inflation indicator remains unchanged, but another measure suddenly increases.

Official statistics on inflation indicated that the rate of price increases has not changed.

Last updated: 2024/09/18 at 8:50 AM
Published September 18, 2024
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2 Min Read
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According to the Office for National Statistics, August’s inflation rate was 2.2%, unchanged from the previous month.
The statement is made the day before the Bank of England’s interest rate-setting committee decides how much borrowing will cost, which is determined by interest rates.

Only a 26% possibility of an interest rate drop is anticipated by the markets.
However, a different inflation indicator unexpectedly increased. Core inflation reached 3.6%, which was higher than predicted by economists.

Bank officials keep a close eye on core inflation since it provides a reading on price increases without accounting for volatile commodities like food and energy.

Inflation in services also increased, going from 5.2% in July to 5.6% in August. The hotel and cultural industries are included in this measurement.

According to the ONS, the primary factor driving up inflation was travel costs to European locations, which saw a significant increase in the months after declining a year earlier.

Reduced expenses for dining out and lodging, as well as a less expensive gas or diesel fill-up, served as a counterbalance to the air far hike. Additionally, somewhat less expensive store-bought alcohol was also a factor.

Reduced oil prices also resulted in lower raw material costs, which decreased the cost of items leaving factories.

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