UK Inflation Rate Steadily at 2% Amidst Economic Challenges
Prices in the UK rose by 2% in the year to June 2024, unchanged from May. The Bank of England aims to keep inflation at two percent and holds interest rates at five point two five percent to curb price rises. Global economic factors and high energy prices continue to impact UK inflation rates.
UK prices rose by 2% in the year to June 2024, staying steady from May. The Bank of England, with an inflation target of 2%, has kept interest rates at 5.25% to curb inflation.
Prices for hotels, package holidays, and entertainment increased, while clothing and food prices fell.
Global factors like energy prices and worker shortages continue to impact inflation.
Interest rates were kept high to manage inflation, making borrowing costly but aiming to reduce spending.
The International Monetary Fund (IMF) suggests that interest rates might stay 'higher for even longer' in the UK and US.
UK wages grew 6% between February and April 2024, surpassing inflation.
Inflation in the Eurozone and the US also shows varied trends, with the European Central Bank and US Federal Reserve making cautious rate adjustments.
Prices for hotels, package holidays, and entertainment increased, while clothing and food prices fell.
Global factors like energy prices and worker shortages continue to impact inflation.
Interest rates were kept high to manage inflation, making borrowing costly but aiming to reduce spending.
The International Monetary Fund (IMF) suggests that interest rates might stay 'higher for even longer' in the UK and US.
UK wages grew 6% between February and April 2024, surpassing inflation.
Inflation in the Eurozone and the US also shows varied trends, with the European Central Bank and US Federal Reserve making cautious rate adjustments.
