Previous Trading Days Events 17.04.2024

Inflation was reported lower for the U.K. but higher than the forecast. The slowdown in the fall in Britains inflation rate follows an acceleration of headline price growth in the United States which rose for a second month in a row to 3.5 in March.

BoE Governor Andrew Bailey, who said British inflation was moving in the right direction for a rate cut last month, also said on Tuesday that different inflation dynamics in the U.S. and Europe could lead to other paths for interest rates.

The chances of interest rates being cut for the first time in June are now a bit slimmer, she said.

The BoE is still expected to cut interest rates later this year but investors on Wednesday trimmed their bets on the scale of its moves, possibly as late as November. Services inflation, an indicator of domestic price pressures which the BoE also watches closely, eased only slightly to 6.0 from 6.1.

International oil prices climbed last month amid growing tensions in the Middle East.

The BoE is concerned that rapid wage growth, which makes up much of the inflation rate in the services sector, could sustain inflationary heat across the economy.

Inflation is in retreat but the Bank of England cannot yet be sure that it is beaten, said Ian Stewart, chief economist at Deloitte.

Source httpswww.reuters.comworldukukinflationrateslows32march20240417

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