UK Inflation Rate Rises Above Bank of England Target for the First Time This Year
The UK inflation rate has increased by 2.2% in the year until July, surpassing the Bank of England’s target of 2%. This is the first time the rate has risen in 2019 and is attributed to energy prices falling at a slower rate compared to the previous year.
Experts had predicted a rise in inflation due to the energy prices, but the increase does not seem to impact the possibility of further interest rate cuts in the coming months. However, with the new government highlighting the economic challenges inherited and the chancellor preparing for her first budget in late October, what can we expect from the economy this autumn?
Sky News’ business correspondent Paul Kelso and political correspondent Darren McCaffrey join Niall Paterson to discuss the latest developments. The Sky News Daily podcast, available on all major platforms, also provides further insights into the current economic situation.
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Despite the rise in inflation, the future of the UK economy remains uncertain. As the government faces challenges and prepares for its first budget, all eyes are on the developments in the coming months. Subscribe to the Sky News Daily podcast for the latest updates and expert analysis on the economy.
