Inflation in Great Britain fell more than expected to 10.1% – #Inflation #Great #Britain #fell #expected
LONDON, Feb 15 (Reuters) – Britain’s consumer price inflation fell more than expected in January, falling from December’s 10from .5% 10.1% and there were also declines in key measures of inflation closely watched by the Bank of England, official data showed.
Economists polled by Reuters, the annual CPI rate january month 10They had forecast it to fall to .3%, a far cry from October’s 41-year high of 11.1%, but still adjusting to household living standards.
National The Statistics Office said on Wednesday that energy, foodexcluding alcohol and tobacco, the main consumer price index fell from 6.3% in December to 5.8% in January.
Sterling after data USA decreased against the dollar and the euro.
Earlier this month, the Bank of England said it saw signs that the rise in consumer prices had turned a corner and was close to halting interest rate hikes.
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Investors are expecting another increase in borrowing costs by the BoE next month, but data on Wednesday Bank It can add to the sense that the peak in the interest rate is not far away.
BoE’s focus on services prices up 6.0% year-on-year compared to 6.8% in December january slowed its growth in
“While any reduction in inflation is welcome, the fight is far from over,” said Finance Minister Jeremy Hunt.
The ONS said transport and hospitality prices helped to push inflation lower last month.
Economists said the figures added to signs that inflation would fall further from last year’s peak, but that the UK economy would face recession in 2023. news said he could give.
George Lagarias, chief economist at accounting firm Mazars, said, “January inflation figure is consistent with the weakness we have seen in retail sales over the past six months,” he said.
“This means that companies have no more room to pass on cost increases to consumers. All other things being equal, slowing inflation indicates further economic weakness and possibly rising unemployment.”
Reporting by Andy Bruce Editing by William Schomberg
Our standards: Thomson Reuters Trust Principles.
2023-02-15 11:50:39
Source – reuters
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