NewzVille Business Desk
The UK’s inflation rate held steady at 3.8% in September, remaining well above the Bank of England’s 2% target, according to data released Wednesday by the Office for National Statistics.
Finance Minister Rachel Reeves has hinted at possible tax increases to rein in deficits, which hit a five-year high in September.
While lower food, recreation, and airfare prices helped curb inflation, services inflation remained elevated at 5%, dampening expectations for near-term rate cuts.
Economists widely expect the Bank of England to maintain its key rate at 5.25% on November 7, with markets pricing in just a 70% chance of a rate cut in December.
