UK inflation data for June
In the spring of 2024, London is a pound price tag at a grocery stop at the East Street Market in England.
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According to data published by the National Statistics Office (Ones) on Wednesday, the British inflation rate is 3.6% in June.
Economists who participated in the survey by Reuters had estimated that inflation would reach 3.4% until June after reaching 3.4% in May.
Excluding more variable energy, food, alcohol and tobacco prices, the June core inflation increased by 3.7% annually from 3.5% to May in twelve months.
The British Pound increased by 0.2% against the dollar after the data version and rose to $ 1,3406.
“Inflation was mainly caused by a slightly falling engine fuel prices compared to a much larger decrease last year,” Richard Heys, Deputy Chief Economist of Ones, said.
“Food price inflation has increased to the highest annual rate since February last year for the third month in a row. However, it is far below the summit seen in the beginning of 2023.”
British Finance Minister Rachel Reeves said that data shows that the data “working people still struggle with the cost of living” and that the government has more work to help alleviate the pressure on consumers.
Inflation data will be closely monitored by the UK Bank while trying to determine orbit for interest rates in the midst of a stubborn high inflation rate and inanimate economic growth.
In an inflationary environment, central banks often prefer to maintain higher basic interest rates to slow down price increases and to promote less expenditure. British’s low growth environment-new data showed that the economy was unexpectedly shrinking in May-but a concern for Boe.
Therefore, economists expect Boe policy makers to reduce their rates by 25 basis points at their next meetings in August.
PWC economist Adam Deasy on Wednesday, E -Posting Comments on Wednesday, “the price increase remained far above the target, the UK economy signed a contract for a second month in May.
“The payroll data version of the tomorrow, which is the last major data version before the next MPC meeting, can activate the bank to support an increasing increase in an increasing increase.”
