British Inflation Data Suggests Rate Rise
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Overnight rate nearly certain to rise to 6.0% after June prices pass expectations.
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The pound was well-bid after the Bank of England said the main measure of UK inflation may climb to 3.0 percent over the next six months, sparking speculation of further rate hikes.
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UK inflation is set to reach its 2.0% target by 2006 and then head higher, a Bank of England report predicts.
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Sterling was slightly firmer against the dollar after strong housing mortgage and money supply data fuelled speculation that the Bank of England (BoE) will be forced to hike its key borrowing rate.
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UK inflation accelerates to its highest for almost a decade, increasing the chances of an interest rate rise next year.
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Higher oil prices pushed up inflation in the UK and sent factory prices in the US to a 15-year high, according to official figures released on both sides of the Atlantic yesterday.
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The pound continued to benefit Thursday from the prospect of higher interest rates in the UK, as Wednesday&#39;s hawkish minutes to the Bank of England&#39;s latest rate-setting meeting made the market increasingly confident of rates rising to 6 percent.
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US consumer prices rose by 0.2% last month, a US government report showed this afternoon, but the core inflation rate rose at its fastest pace in five months.
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The Bank of England is generally expected to raise UK interest rates to 5.75% later, to help reduce inflation.
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Business & money: Nationwide building society says the annual rate of house price inflation has risen to 9.7%, despite higher interest rates.
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British 12-month inflation rose to 2.5 percent in August from 2.4 percent the previous month.
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The pound continued to gain as market participants became increasingly confident that the Bank of England will raise interest rates in November, with some risk that they could raise rates as early as this week.
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The Bank of England held its benchmark interest rate steady at a six-year high of 5.5 percent after reports that price inflation is slowing in the services and housing sectors. The bank raised rates last month after three other rises since August apparently failed to cool inflationary pressures and a buoyant housing market. Even after the European Central Bank raised rates Wednesday by a quarter-point, to 4 percent, Britainâs rates remain the highest among the worldâs seven wealthiest nations. Most economists expect a rise of a quarter of a percentage point next month in British rates. as the Bank of England tries to bring consumer price index inflation back to its 2 percent target from its current level of 2.8 percent.
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Inflation rose to an annual rate of 2.2 percent in January, compared with 2.1 percent in December, official data showed on Tuesday.
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London - Britain&#39;s inflation rate hit its highest level in five months in November, pushed up by air fares and surging utility bills, official figures showed yesterday.
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UK inflation accelerates to 2.5% in August, the latest figures from the Office for National Statistics show.
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The Bank of England is expected to hold rates at 5.5% after its latest meeting, but a rise remains a possibility.