LiveMore comment on CPI figures this morning

In response to this morning’s CPI release from the ONS, here is a comment from Simon Webb at LiveMore, the mortgage lender for the 50 to 90+ age group.

Simon Webb, managing director of capital markets and finance at LiveMore, commented: “While it is encouraging to see some movement in the right direction for inflation, at 3.4% it’s unlikely to inspire any U-turns on tomorrow’s MPC decisions. They will want to see a prolonged and consistent drop in inflation before reducing the Base rate which will, unfortunately, be too late for many of the homeowners looking to remortgage this year.

“CPIH - which includes owner occupiers’ housing costs - rose by 3.8% in the 12 months to February 2024 which, although healthier than the 4.2% rise in January, will still cause concern, with housing, household services, and motor fuels spurring the largest upward contributions to both CPIH and CPI rates.”

Published: 20 March 2024