Consumer inflation in the U.K. fell surprisingly in August, easing the pressure on the Bank of England to deliver a 15th straight rise in interest rates when its decision-makers meet Thursday.
The consumer price index rose only 0.3 percent from July, rather than the 0.7 rise expected. That brought the headline rate of inflation down to 6.3 percent from 6.4 percent the previous month. The Office for National Statistics said the decline was due largely to food and to hotel prices. Food prices, in particular, have been a huge political headache for both the BoE and the government over the past couple of years.
The news casts real doubt over the outcome of Thursday’s meeting of the Monetary Policy Committee. Financial markets had overwhelmingly expected the MPC to raise the Bank Rate by another quarter point to 5.5 percent. However, both BoE Governor Andrew Bailey and Chief Economist Huw Pill have in recent weeks signaled reluctance to raise rates any further, given past hikes have yet to take their full effect on the U.K. economy.
The pound fall half a cent to a four-month low of $1.2334 in response.
“We believe the Bank of England will still raise rates tomorrow, but today’s data will embolden those pushing for this to be the final rate hike,” said Raoul Ruparel, director of the Boston Consulting Group’s Center for Growth, in emailed comments.
<p>Three members of the Consumer Product Safety Commission who were fired by President Donald Trump in May urged the Supreme Court on Friday to leave in place an order by […]</p>
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Ghanaians have been urged to take advantage of the Right to Information Law to seek information from public institutions whenever necessary. A total of 478 public institutions…
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<h2>The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has faced backlash from former Peoples Democratic Party (PDP) chairman, Uche Secondus for branding him and ex-Transportation Minister, Abiye Sekibo as "expired politicians" for supporting Rivers State governor, Siminalayi Fubara.</h2>
<p>Recall that some Rivers PDP leaders such as the former PDP National Chairman, Uche Secondus; former Minister of Transportation, Abiye Sekibo, a former Rivers Senator, Lee Mbae, Celestine Omehia; and former federal lawmaker, Austin Opara had last week declared support for Fubara and President Bola Tinubu.</p>
<p>Wike, in a media interaction with handpicked journalists in Abuja on Tuesday, <a href="https://www.naijanews.com/2024/04/02/political-vampires-wike-fires-secondus-omehia-others-over-support-for-fubara/">denounced the PDP leaders</a> as political vampires and expired politicians, questioning their eligibility to be regarded as elder statesmen.</p>
<p>Wike said it was ironic that the same politicians who had refused to support Fubara before the 2023 polls now declared support for him after the poll.</p>
<p>However, Secondus, in a statement released by his media aide, Ike Abonyi, labelled Wike as a "showman" known for his duplicity, manipulation of facts for political gain, and propensity to distort the truth.</p>
<p>He further criticized the FCT Minister's remarks in a media chat as "appalling and unfortunate," particularly condemning his characterization of Rivers State's esteemed political figures as "transitional politicians, political vampires, and political buccaneers."</p>
<p>The post <a href="https://www.naijanews.com/2024/04/03/secondus-slams-wike-over-expired-politicians-political-vampires-critique/">Secondus Slams Wike Over ‘Expired Politicians, Political Vampires’ Critique</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
