Inflation for the 12 month to August 2024 remained unchanged from the previous month of 2.2 per cent, according to figures from the Office for National Statistics (ONS). The consumer price index (CPI) remains broadly in line with the Bank of England’s desired two per cent target for inflation which means further interest rate cuts could be on the horizon. The central bank’s Monetary Policy Committee (MPC) voted narrowly to slash the base from a 16-year high to five per cent with another reduction expected later this year. Analysts believe the Bank could be in a “strong position to cut rates” f…
