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Bank of England: Danske Bank adds November hike as UK inflation holds firm
UK headline CPI reached 3.5% year-on-year in September, according to Danske Research Team, while core and services inflation also edged up, exceeding Bank of England projections. With inflation stronger and activity proving resilient, the bank has revised its forecast and now expects a BoE rate rise in November to bolster the credibility of its inflation target.
Inflation rise leads to revised rate outlook
"In the UK, September CPI inflation rose to 3.5% y/y from 3.1%, core inflation to 2.8% from 2.6% and services inflation to 3.7% from 3.4%."
"Slightly higher than consensus and above the Bank of England's (BoE) forecast."
"We are adjusting our BoE forecast to include a rate hike in November, as inflation concerns have risen and growth has strengthened."
"Activity has proven more resilient than expected in recent months and the labour market is showing signs of stabilisation."
"We believe the BoE will act to contain inflation risks and prioritise the credibility of its inflation target."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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