Coming on the back of the further easing in wage growth in yesterday’s release, the decline in CPI inflation from 3.4% in December to 3.0% in January (consensus 3.0%, CE 3.1%, BoE 2.9%) may be just enough to tip the balance towards the next interest rate cut happening in March. So we are changing our forecast for the next rate cut from April to March. But it will be close.
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