UK Inflation – Live: Conservatives call on Bank of England to cut interest rates despite market slump due to rising prices

Hunt attacked Labor and said he had refuted the 'myth' that the economy was worse off under the Conservatives.

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The Conservatives are demanding the Bank of England cut interest rates despite a market slump caused by new inflation data.

Analysts say a June cut is unlikely after inflation fell to 2.3% in April from 3.2% in March. That's the lowest level in nearly three years, but higher than the 1.9% to 2.1% expected by some analysts.

But former Conservative economic secretary Sir Jacob Rees-Mogg argued the Bank should have already cut interest rates because inflation was a lagging indicator.

Former minister Paul Scully said cutting interest rates would provide relief to many people trying to settle their mortgages over the next few years.

NIESR economist Paula Bejarano Carbo added that persistent core inflation and strong wage growth data suggest the bank may remain cautious and hold rates steady in the upcoming meeting despite today's encouraging rate decline.

Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said a June cut was currently unlikely.

Key pointsShow latest updates 1716374330

We have concluded our live broadcast of the latest inflation data.

The interest rate fell from 3.2% in March to 2.3% in April. This is the lowest level in nearly three years, but remains higher than some analysts had predicted.

Thank you for reading, and please join us again soon for all the latest updates on the economy.

Enjoy the rest of your morning.

Matt MathersMay 22, 2024 11:38

1716316254Welcome

hello. Welcome to the Inflation Blog, where we provide analysis and reaction to the numbers due to be released on Wednesday.

Joe Middleton 21 May 2024 19:30

1716319854What is inflation?

The Bank of England defines inflation as simply a term economists use to describe the rise in prices over time.

Rising costs of goods and services on UK high streets mean the value of the British pound is falling, which in turn means less purchasing power for consumers and a lower quality of life. be able to afford

This ultimately affects the country's economic growth.

Joe Middleton 21 May 2024 20:30

1716323454April data can determine the success or failure of the Bank of England.

Experts said April data could be make-or-break for the bank, which is waiting for hard evidence that CPI has reached its target level before cutting interest rates.

James Smith, developed markets economist at ING, said: It's no exaggeration to say that this week's UK inflation data will determine whether the Bank of England cuts interest rates in June.

As a result, headline inflation is expected to fall below the Bank of England's 2% target in May data due in June and remain at that level for most, if not all, of the year.

However, there is still uncertainty about services inflation in the near term.

Joe Middleton 21 May 2024 21:30

NewsBusiness UK inflation is expected to fall close to the Bank of England's 2% target.

Inflation in the UK could approach the Bank of England's 2% target when the Office for National Statistics (ONS) releases its latest figures on Wednesday.

The consumer price index (CPI) in March fell 3.2% compared to the previous year, and according to a poll conducted by Reuters, inflation in April is expected to fall to 2.1%.

Pantheon Economics expects a slightly lower figure of 2%, while Capital Economics thinks it could go even lower, to 1.9%. The Bank of England's own forecast is 2.1%.

Joe Middleton 21 May 2024 22:30

1716330654 views: What is inflation?What is inflation? | Not complicated

Joe Middleton 21 May 2024 23:30

1716334200How much is inflation expected to fall?

CPI inflation is expected to fall to 2.1% in April from 3.2% in March, according to a consensus compiled by Pantheon Macroeconomics.

This would be the lowest level since July 2021, when inflation was recorded at 2% of the Bank of England's target level.

Lower gas and electricity prices compared to previous years are expected to be the main driver behind the cooling in price growth over the past month.

Joe Middleton May 22, 2024 00:30

1716337800What will happen to service inflation?

Pantheon Macroeconomics said it expects services inflation to fall to 5.4% in April from 6% in March.

Luke Bartholomew, chief economist at Abrdn, said services inflation would be more important to Bank of England policymakers than overall inflation figures.

Bringing inflation back to target levels is psychologically important and symbolizes how much progress has been made since inflation peaked above 11%, but it will not be the number most closely watched by the Bank of England and investors, he said.

The June rate cut will remain in place if services inflation reaches expected levels.

However, if there is significant upside, the market will begin to scale back on the June rate cut and expect the easing cycle to begin in August.

Joe Middleton May 22, 2024 01:30

1716341400 views: What is inflation?What is inflation? | Not complicated

Joe Middleton May 22, 2024 02:30

1716345000UK inflation is expected to fall close to the Bank of England's (BoE) target of 2%.

Inflation in Britain could approach the Bank of England's 2% target in the latest figures from the Office for National Statistics (ONS) on Wednesday.

The consumer price index (CPI) in March fell 3.2% compared to the previous year, and according to a poll conducted by Reuters, inflation in April is expected to fall to 2.1%.

Pantheon Economics expects a slightly lower figure of 2%, while Capital Economics thinks the figure could go even lower, to 1.9%. The Bank of England's own forecast is 2.1%.

Joe Middleton May 22, 2024 03:30

Sources 1/ https://Google.com/ 2/ https://www.independent.co.uk/news/business/inflation-rates-2024-bank-of-england-latest-b2548886.html The mention sources can contact us to remove/changing this article

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