I'm not talking about the rise in interest rates from 3.50% to 4.00%. When it comes to interest rates, the Bank has had a very busy 14 months. It has raised them 10 times since December 2021 to a 14-year high. That cumulative rise from 0.10% to 4.00% is the fastest and largest since the late 1980s.
That makes sense given that the rise in inflation has been the fastest and largest since the early 1980s. At 10.5% in December, CPI inflation was only a touch below October's peak of 11.1% and was still more than five times the Bank's 2.0% target.
Instead, the good news was that the Bank indicated that it doesn't think it will raise interest rates much further. In fact, there is even a possibility that interest rates have reached their peak. If so, then the dictionary definition of "peak" indicates that the next move will be down. So does this signal the end to the painful period in which the rises in prices for food, fuel and heating have been accompanied by rising mortgage and credit card payments?
Denne historien er fra February 03, 2023-utgaven av Evening Standard.
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Denne historien er fra February 03, 2023-utgaven av Evening Standard.
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