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Bank of England: Firm UK inflation brings November hike into forecast – Danske Bank
A November BoE rate hike is now the bank's forecast, as firmer inflation and resilient activity strengthen the case for reinforcing the credibility of inflation targeting. Danske Research Team reports that UK headline CPI climbed to 3.5% year-on-year in September, while core and services inflation also edged up, exceeding Bank of England projections.
Does higher CPI strengthen the case for a rate hike?
"In the UK, September CPI inflation rose to 3.5% y/y from 3.1%, core inflation to 2.8% from 2.6% and services inflation to 3.7% from 3.4%."
"Slightly higher than consensus and above the Bank of England's (BoE) forecast."
"We are adjusting our BoE forecast to include a rate hike in November, as inflation concerns have risen and growth has strengthened."
"Activity has proven more resilient than expected in recent months and the labour market is showing signs of stabilisation."
"We believe the BoE will act to contain inflation risks and prioritise the credibility of its inflation target."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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