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Lloyds Remain Pessimistic on UK Inflation

UK

Lloyds revise their UK inflation forecasts:

They write that the lower-than-expected pass through of cost reductions arising from government support schemes (result of businesses boosting profit margins) may result in a more subdued pick-up in inflation.

Their new forecasts see inflation expected to only move higher gradually, alongside the continued recovery in economic activity and envisage CPI printing sub-1% outturns into early 2021 with only a gradual uptrend expected through the remainder of 2021.

They now expect headline CPI to remain below the 2% target next year, ending the year around 1.5%.

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