Deloitte comments on today’s ONS inflation figures
14 August 2023
Commenting on today’s ONS inflation figures, Debapratim De, director of economic research at Deloitte, said:
“Headline inflation has risen in July but remains in line with the Bank of England's latest projections. We expect it to rise further, approaching 3% by the end of this year despite a slight easing in underlying price pressures, as earlier declines in energy prices fall out of calculations.
“Today's rise in inflation is unlikely to materially alter the Bank's thinking on interest rates, especially as the latest wage data points to a further cooling in the labour market. We expect rates to be kept on hold in September, but two further cuts remain likely this year.”
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Rosy Mogg
Assistant PR Manager
rmogg@deloitte.co.uk