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Phoebus comment on ONS CPI (inflation)

19 June 2024

Adam Oldfield, chief revenue officer at Phoebus, said:

“It’s encouraging to see inflation getting back in line after one heck of a ride. Today’s continuing fall in inflation to 2% from 2.3% last month is reassuring.

However, after last week’s flatlined ONS figures on April gross domestic product (GDP) after three months of consecutive growth I think, like many, that it will be a tough vote at tomorrow’s Monetary Policy Committee meeting on whether to drop the Bank of England (BoE) interest rate.

I suspect as well as the GDP flatlining, the BoE will not want to be seen as a pawn in the General Election debate, so I would suggest it will likely be July or perhaps even August before we see a rate reduction.”