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UK Consumer Prices (Sep. 2023)

The failure of CPI inflation to fall in September from August’s rate of 6.7% will be a bit of a disappointment to most. But at 6.7% it is still below the 6.9% rate the Bank of England projected back in August and suggests the Bank won’t raise interest rates again. It also still leaves inflation on track to fall below 5.1% by December as the Chancellor pledged. The new risk, though, is that events in the Middle East restrain how far inflation falls next year.

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