British inflation remained at a three-year low in November, comfortably below th...
LONDON - British inflation remained at a three-year low in November, comfortably below the Bank of England’s 2% target before its next interest rate announcement on Thursday, official data showed.
Consumer prices rose at an annual rate of 1.5% for a second month running in November, the Office for National Statistics said on Wednesday, a little stronger than the median expectation for a 1.4% increase in a Reuters poll of economists. The BoE said last month that inflation would probably fall to 1.25% in early 2020 because of caps on energy and water prices, but was likely to be back above its 2% target in about three years’ time.
“With inflation well below target, little sign of underlying price pressures and GDP growth running below trend, an interest rate cut on Thursday shouldn’t be completely ruled out,” said Ruth Gregory, economist at consultancy Capital Economics.
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