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Today, December 18, 2024, the UK Consumer Prices Index (CPI) data for November is being released. Experts believe that the headline CPI will go up to 2.7%, compared to 2.3% in October. This increase means inflation will stay above the Bank of England's target of 2%. It reflects ongoing pressures in various areas, particularly in housing and household services, where prices have risen due to changes in energy costs.
Core inflation, which leaves out items like food and energy that can change a lot, is also expected to rise to 3.8%, up from 3.3% last month. This indicates that inflation is spreading more widely, creating challenges for policymakers before the Bank of England’s meeting on monetary policy tomorrow.
Overall, today’s CPI report is important as it is the last update on inflation for 2024 and could influence the Bank of England’s future decisions on interest rates.
