Bank of England Governor Signals UK Interest Rate Cut Amid Slowing Inflation

Published: 17 April 2024 at 06:15

The governor of the Bank of England, Andrew Bailey, indicated that the UK is still on track for an interest rate cut as inflation continues to decrease, with the consumer prices index (CPI) slowing to 3.2% in the 12 months up to March. Lower inflation rates are providing relief to households with increased spending power due to rising wages outpacing prices. Economists anticipate a further reduction in inflation towards the Bank's 2% target, with expectations of an interest rate cut from the current 5.25% level in the coming months.

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SOURCES

UK inflation falls to 3.2%, the lowest level since September 2021

https://www.theguardian.com/profile/richard-partington

UK inflation fall to two-and-a-half-year low of 3.2% – business live

https://www.theguardian.com/profile/graemewearden

UK inflation falls to 3.2% in March

https://www.facebook.com/bbcnews

Bank of England governor talks up interest rate cut prospects as inflation eases to 3.2%

Sky News