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20 June 2022 - Inflation data due this week
Following last week’s hike in interest rates, this week we will see the first evidence if the series of hikes is having any effect on inflation.
In May, headline inflation rose to 9%, and it is expected that a small increase to between 9.1% and 9.3% will have been seen in June.
The wholesale price of fuel has moderated, and this has only just started funnelling through into forecourt prices. The Bank of England has been reticent in providing any idea about how quickly they expect their tightening of monetary policy to begin to have an effect.
The constant drip feed of hikes contrasts with both the FOMC which is using a method of far larger hikes and also possibly the ECB which may still hike by fifty basis points next month.
Andrew Bailey, the bank’s Governor, when pressed by journalists in his press conference following last week’s announcement, commented that he believes that inflation could reach 11%.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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By CurrencyTransfer
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Following last week’s hike in interest rates, this week we will see the first evidence if the series of hikes is having any effect on inflation.
In May, headline inflation rose to 9%, and it is expected that a small increase to between 9.1% and 9.3% will have been seen in June.
The wholesale price of fuel has moderated, and this has only just started funnelling through into forecourt prices. The Bank of England has been reticent in providing any idea about how quickly they expect their tightening of monetary policy to begin to have an effect.
The constant drip feed of hikes contrasts with both the FOMC which is using a method of far larger hikes and also possibly the ECB which may still hike by fifty basis points next month.
Andrew Bailey, the bank’s Governor, when pressed by journalists in his press conference following last week’s announcement, commented that he believes that inflation could reach 11%.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.