Easing British inflation keeps Bank of England on track for rate cuts later in 2024 [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
A Reuters poll of economists – and the BoE's own forecast published last month – had pointed to an annual rate of 3.5 per cent. Food and prices at eateries were the biggest downward drags, offset by motor fuels, the Office for National Statistics said. Core inflation, which excludes energy, food and tobacco prices, also slowed, dropping to 4.5 per cent from 5.1 per cent in January. The Reuters poll had pointed to a reading of 4.6 per cent. The BoE's Monetary Policy Committee (MPC) is likely to leave interest rates on hold on Thursday, as is the U.S. Federal Reserve which publishes its decision later on Wednesday. “Today's inflation numbers do not change our view ... that the MPC is likely to convey the message that it has an eye on easing policy rates this year, but the hurdle to do so has not yet been overcome,” Ellie Henderson, an economist with Investec, said. Investors slightly increased bets on the BoE starting to cut interest rates in August. Sterling was little chang
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