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UK Inflation Hits 2% Target, Bank of England Maintains Interest Rates
TOPICSTags: BoE, British Pound Sterling, FTSE100, GBPUSD
In May, the annual rate of inflation in the United Kingdom dropped to the 2% level that the central bank aims for, meeting the expectations of financial analysts. Additionally, the core inflation rate, which removes the volatile food and energy prices to give a clearer view of inflationary trends, decreased from 3.9% to 3.5%, aligning with what was projected by experts. Despite these decreases, the inflation rate for services – which includes costs related to things like housing services, health care, and transportation – only dipped slightly to 5.7% from 5.9%. This was a smaller reduction than financial analysts had hoped for, as they had forecasted a decrease to 5.5%.
In its June 2024 meeting, the Bank of England’s Monetary Policy Committee (MPC) voted to keep the Bank Rate steady at 5.25%. The decision was in line with market expectations and reflects the central bank’s ongoing efforts to balance economic growth with inflation control.
The FTSE 100 rose 0.82% on Thursday, buoyed by anticipation of future Bank of England rate cuts. Concurrently, sterling dipped under $1.27.
(FTSE 100 Index Six-month Chart)
(GBP/USD Weekly Chart)
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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