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UK rates unlikely to rise until 2016

17 Jun 2015

Economists expect the rate to be around zero for some months yet, but creep up towards the end of this year, as the impact of the steep fall in the oil price falls out of the calculation

Core inflation – which excludes volatile food and energy prices – was reported at 0.9%, showing that underlying price pressures remain benign

It means that the Monetary Policy Committee has no need to rush to raise rates, so UK consumers can benefit from low rates for some time yet. The most likely threat to this is a quicker-than-expected pick-up in wages, which isn’t happening so far…

For the full ONS (Office for National Statistics) release see here

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