15 January 2025
The UK’s inflation rate has dropped slightly to 2.5% according to Office for National Statistics (ONS), which is lower than expected.
It is anticipated that the Bank of England are now more likely to cut interest rates on 6 February, but only time will tell.
Keep an eye out for the next Consumer Price Index (CPI) update released on 19 February. Economists say that the upcoming rise in the National Minimum Wage (NMW) and increase in employers National Insurance, will prompt prices to rise and contribute an increase in inflation over the next few months.
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