British inflation unexpectedly dropped to its lowest rate for more than a year in October, reassuring the Bank of England that it has ample time to allow the economy to strengthen before it raises interest rates.
Consumer price inflation fell to an annual rate of 2.2 percent in October from 2.7 percent in September, the Office for National Statistics said on Tuesday.
It was far lower than the BoE’s forecast in August that inflation would exceed 2.8 percent for the rest of the year, although it comfortably exceeds wage growth, meaning pressure on Britons’ living standards will continue.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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