UK inflation continues to move and is likely to hit the central bank’s target in the coming months. According to the BoE, annual headline inflation is ‘projected to fall to slightly below 2% in 2024 Q2’, before moving marginally higher in Q3 and Q4. UK inflation has fallen sharply after hitting a multi-decade high of 11.1% in October 2022 and is now back at levels – 3.4% - last seen in September 2021.
UK wage growth remains firm although wages are growing at a slightly slower rate. Average earnings rose by 6.1% in January, sharply higher than the recent UK inflation figure of 3.4%. leaving the UK consumer with more in their pockets. The jobs market remains robust with unemployment at 3.9%, while economic activity is picking up and remains above pre-
With a healthy economic backdrop of rapidly falling inflation, a stagnant to marginally weaker jobs market, and an economy that needs a boost, the Bank of England is right to set forward a set of rate cuts this year, starting at the June 20th meeting.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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