Arab Canada News
News
Published: March 20, 2024
The Bank of England announced a faster-than-expected decrease in the inflation rate in Britain, reaching the lowest level since 2021, which will lead the central bank to keep on the path of lowering interest rates later this year.
Bloomberg news agency quoted the Office for National Statistics today, Wednesday, saying that the consumer price index rose by 3.4% in last February compared to the previous year. The inflation rate had risen by 4% in last January.
Governor Andrew Bailey had indicated that he needs to see more evidence of declining price pressures to the specified target of 2% before deciding to cut interest rates.
Officials are expected to keep interest rates at the highest level in 16 years at 5.25% tomorrow, Thursday.
Friday, 04 July 2025
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