Tuesday, 25 June 2024

Service inflation declines to the Bank of England rate-setter

  • The BoE’s Monetary Policy Committee comprises nine members.
  • The latest inflation statistics have been hailed by MPC member Jonathan Haskel.
  • On February 1, the MPC is expected to make its next interest-rate announcement

A policymaker at the Bank of England who has opposed the central bank‘s decision to halt interest rate hikes stated that a significant driver of inflation pressure is beginning to show signs of waning, implying that he may soon reverse his position.

The BoE’s Monetary Policy Committee comprises nine members, including Jonathan Haskel. Late on Thursday, Haskel stated in a post on X that there was “news” in this week’s inflation figures.

Bank of England

The latest inflation statistics, which revealed a notable decline in headline inflation to 3.9% in November from 4.6% in October, has been hailed by Monetary Policy Committee (MPC) member Jonathan Haskel.

The services sector in Britain, which the Bank of England keeps a close eye on to assess the possibility of rapid wage rise, saw a decline in inflation as well, according to the statistics.

Haskel maintained that the decision to back strict monetary policy was the right one and that the most recent decline in inflation was more widely distributed. He added that one month’s worth of data would not be used to establish policy.

On February 1, the MPC is expected to make its next interest-rate announcement. Investors are pricing in up to six quarter-point decreases in bank rates throughout 2024, despite the BoE’s declaration that it is too soon to talk about rate cuts.

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