"UK Inflation Jumps to 4% on Alcohol and Tobacco Surge, Sterling Holds Steady"
TL;DR Summary
The UK's inflation rate unexpectedly rose to 4% in December, driven by increased alcohol and tobacco prices, marking the first increase since February 2023. The Bank of England faces challenges as it grapples with whether and how sharply to cut interest rates in 2024, amid slowing pay growth and a decline in job vacancies. Finance Minister Jeremy Hunt emphasized the need to stick to the current plan to control borrowing and boost growth with competitive tax levels.
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- UK inflation set to shift focus to Bank of England rate cut timings FXStreet
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