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In September, UK inflation grew to its highest value in five years, according to official data, which could make the BoE more likely to lift interest rates next month.
The previous month consumer prices grew 3% versus 2016, as the Office for National Statistics told on Tuesday, matching experts’ average expectation in a Reuters survey and also marking the fastest soar since April 2012.
Ascending inflation – powered mostly by the pound's dip since Brexit vote - has affected household incomes in 2017, causing broader economic surge to slow because wages haven’t managed to keep pace with the soaring cost of living.
Nevertheless, the previous month the BoE told it expected to lift interest rates in the nearer months, so long as the British economy and price pressures kept strengthening.
A majority of financial experts surveyed by Reuters are assured that the BoE will move at its next gathering already in November – although many of them stressed that it would be a serious mistake to act now.
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In September, Britain's authorities faced a smaller budget deficit than anticipated, although the improvement won’t probably help a lot to have minister Philip Hammond financed as he’s working on his annual budget…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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