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BOE: Energy Price Guarantee to Lower CPI Peak to 11%

UK
(MNI) LONDON
  • The introduction of the Energy Price Guarantee has led to a reduction of the anticipated inflation peak to just under 11% in October (versus a Q3 peak over 13% forecast in the August meeting).
  • This policy should boost domestic demand, which will remain more robust than initially projected, translating into more persistent inflation over 10% over the following few months. 
  • This alongside continued tightness of the labour market, above-target wage growth and inflation justified the majority vote for a 50bp hike to 2.25%. 
  • Downside growth risks remain persistent. Q3 GDP was downgraded to -0.1%, compared to the August projection of +0.4%, with manufacturing and construction output the key driver.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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