Aberdeen: UK inflation problem slightly less serious
Aberdeen: UK inflation problem slightly less serious
Luke Bartholomew, Deputy Chief Economist at Aberdeen, comments on the UK inflation figures released today:
'Inflation was widely expected to pick up in this report so the fact that it hasn't is a positive surprise for the Bank of England and markets. There might be some technical factors around airline prices that are helping this report, but more fundamentally last week's labour market report also showed that wage growth is moderating. So on balance the UK's inflation problem looks slightly less bad now than it did a few weeks ago. A rate cut in November may still prove to be too soon, but the prospect of a December rate cut has increased and we still expect significant easing over the next year.'
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