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Bank of England to hold rates despite better inflation news
Suddenly, a Bank of England rate cut on 6 November doesn’t look like such a remote possibility. Having virtually written it off, markets are now pricing a 25% chance of a 25bp cut. Inflation has almost certainly peaked. Food inflation – a critical concern at the BoE this summer – fell back in September and is now running half a percentage point below official forecasts. Services inflation looks better too; the Bank’s favoured measure of “core services” has slipped below 4%, we estimate. Private-sector wage growth, another key metric for the Bank, has also slowed markedly and is set to end the year below ... (full story)
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