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Inflation data confirms time is right to cut interest rates again, says TUC
TUC General Secretary Paul Nowak comments on today’s (Wednesday) inflation figures, which show CPI inflation unchanged at 2.2%
“With inflation unchanged and broadly at target, and GDP growth at zero for three of the last four months, the time is right for the Bank of England to make another rate cut.
“Households are in desperate need of relief, with several years of steep price rises coming on top of the longest pay squeeze in modern history. Inflation is now falling across most high-level categories, and the economy needs the boost that a further rate cut would bring.
“The new government’s plans for growth are welcome.
“Long-overdue investment will revitalise UK industry, start to address the Tories’ manufacturing decline and help deliver good jobs and improve pay.
“But rate setters need to do their bit too.”
Editors note
- RPI inflation: RPI inflation fell to 3.5% from 3.6%.
- High-level categories: High-level categories correspond to the 12 groupings in table 3 of the ONS release. Only 'transport' and 'recreation and culture' show a rise in inflation on the month: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/august2024
