UK inflation fell to 3.4% in February - a bigger than expected drop that has been followed by NatWest cutting mortgage rates. Read this and all the latest personal finance and consumer news below - and use the box to submit a comment on the stories we're covering.
By Sarah Taaffe-Maguire, business reporterThe US central bank has again opted to hold its base interest rate but paved the way for three cuts this year which would bring down the cost of borrowing 0.75 percentage points in 2024.The announcement means the Federal Reserve, also known as the Fed, has kept its core interest rate range steady between 5.25 to 5.5% .
The rates-setting body here in the UK, the Bank of England, today came to be in a very similar position to the Fed; official data on the rate of price rises show inflation is down to 3.4%. Now the UK has joined the US in facing reduced inflation - it's no longer drastically above the monetary policy bodies' 2% target. Both have kept interest rates high and have the eyes of mortgage holders, market analysts and politicians on them, with the likelihood of a cut constantly being assessed.
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