Phoebus comment on 1.7% inflation: "a promising outlook"
16 October 2024
Richard Pike, chief sales and marketing officer at Phoebus, said: “All in all, it’s a promising outlook for a Bank of England rate cut in November also assisted by yesterday’s news on easing in wage growth. We must still remember prices are still rising, just not as fast, and also usually benefit rates are assessed on September’s figures and so it will be interesting to see what the new Government does on this.
There’s still an expectation that inflation will start to rise again in the next 3-6 months. However, with inflation well below the Bank of England’s target, the scene is set for potentially larger interest rate more quickly cuts than previously thought.
“In balance, however, the economy is looking a lot more stable, and this can only stimulate the housing and mortgage markets in Q4 and into 2025.”
