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Deloitte comments on today’s ONS inflation figures

Commenting on today’s ONS inflation figures, Debapratim De, senior economist at Deloitte, said:

“Inflation has come in above expectations. Food prices have risen at the fastest pace in over 45 years and even after excluding the effect of food and energy prices, residual inflation remains stubbornly high.

The Bank of England seems to be nearing the end of its rate rise cycle, but will look for a broader easing of price pressures before contemplating rate cuts. Interest rates seem likely to remain at their peak for longer than markets are expecting.”