The annual rate of CPI inflation held unchanged at 3.0% in October, failing to match expectations of a rise into letter-writing territory, points out the research team at Lloyds Bank.
“For November, while higher energy and food prices point to upside risks, some signs of easing in goods price inflation should largely provide an offset. On balance, we expect headline CPI inflation to be unchanged at 3.0%. However, with the RPI measure expected to reflect the impact of the November rate rise, we forecast the annual rate of RPI inflation picking up to 4.1%. Over the coming months, we expect only a very gradual easing in the pace of inflation.”
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