Interest rates rose again this week and Andrew Bailey has warned firms that raising prices could drive up the cost-of-living even further and would hurt the least well-off most. The rate rise to 4.25% was preceded by an unexpected rise in inflation to 10.4%. Two members of the MPC preferred to maintain Bank Rate at 4%. Twelve-month CPI inflation fell from 10.5% in December to 10.1% in January but then rose to 10.4% in February, 0.6% higher than expected in the February Report. The 2% target seems a long way off. Apparently, vegetable shortages are the ‘root’ cause of the inflation rise.
The Bank revealed it no longer believes the UK will face a technical recession this year.
House prices fell at the fastest pace in 12 years in January, barring the pandemic, according to figures from the Land Registry. On a seasonally adjusted basis, prices fell 0.6% from December 2022. Average UK council tax bills will exceed £2,000 for the first time this year as local authori...
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