Inflation is likely to stay at its target level, with forecasters saying this keeps a rate cut in August on the cards
target level of 2 per cent for another month, economists have said, with an interest rate cut in August still on the cards.However, experts warn that it is likely to shoot back upwards later in 2024, with a rise to 2.8 per cent possible by November.
Deutsche Bank Research forecasts core inflation to sit at 3.5 per cent and also expects a 5.6 per cent figure for services inflation. Some forecasters however do expect it to continue to fall. Capital Economics predicts price rises could be at just 1.5 per cent by the end 2024. The forecasts come as a Bank of England interest rate setter said the Bank needed to start cutting interest rates to stop expensive borrowing hitting living standards.
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