Market News
UK inflation jumps to 2.3%, underscoring BoE's stance for gradual rate cuts - REUTERS
By William Schomberg and David Milliken
- UK CPI 2.3% in October vs Reuters poll 2.2>#/li###
- Bank of England had also expected 2.2>#/li###
- Underlying inflation measures rise too
- Sterling jumps and investors trim BoE rate cut bets
- BoE has stressed it will move gradually on rates
LONDON, Nov 20 (Reuters) - British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts.
Consumer prices rose by an annual 2.3% in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a 1.7% rise in September which was the first time the inflation rate had fallen below the BoE's target since 2021.
