UK in­fla­tion slows to ease pres­sure on BOE

Muscat Daily - - BUSINESS -

Bank of Eng­land (BOE) pol­i­cy­mak­ers who were con­cerned that price growth was get­ting out of hand sud­denly have a bit of breath­ing space.

The UK in­fla­tion rate slipped to 2.6 per cent in June, the Of­fice for Na­tional Sta­tis­tics said on Tues­day. It’s the first drop in the an­nual rate since Oc­to­ber, and econ­o­mists had fore­cast that it would hold at the four year high of 2.9 per cent reached in May.

The data un­der­mines ar­gu­ments for the im­me­di­ate in­ter­est-rate hike that a mi­nor­ity of pol­icy mak­ers sup­ported at the last BOE de­ci­sion as in­fla­tion looked set to veer fur­ther above the two per cent tar­get.

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