Posted 10/16/2023, 4:00:00 AM
UK Inflation Eases Slightly But Still Well Above Target as Economy Slows
- Inflation expected to fall slightly to 6.5% in September from 6.7% in August, but still well above 2% target
- Pay growth slowing but still high at around 8% annually
- Jobs market has weakened, increasing unemployment and reducing need for big wage rises
- Fall in inflation likely until oil prices jumped $10/barrel in September
- Bank of England expected to hold rates in November and begin cutting in 2023 to revive stagnant economy
