UK Consumer Prices (Aug. 2024)

CPI inflation stayed at 2.2% in August (consensus & CE 2.2%, BoE 2.4%), but the rise in services inflation from 5.2% to 5.6% suggests the Bank of England will probably press the pause button on interest rate cuts on Thursday. We continue to expect the next 25 basis point (bp) rate cut to take place in November. 

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