|
UK inflation steady in Sept.
|
 |
October 13, 1998: 6:30 a.m. ET
Report could increase pressure for further UK rate cuts
|
LONDON (CNNfn) - UK inflation remains under control, according to data released early Tuesday. The news is likely to increase pressure for further rate cuts.
Underlying inflation, excluding mortgage payments, rose just 2.5 percent, according to figures from the Office of National Statistics. That's unchanged from last month, and leaves price rises within the Bank of England's target range.
The Bank's Monetary Policy Committee cut rates last week, but is not scheduled to meet again until November 4 and 5.
"Bonds are the short-term safe haven," said Bob Semple, European strategist at BT Alex Brown.
Government long bond (gilts) futures in the UK rose 0.98 to 113.94 after the report was released.
The FTSE 100, down 70 points when the figures were released, gained a bit on the news.
The trade group British Retail Consortium released data which substantiated the view of a UK economy relatively free from inflationary pressures.
12 month same store sales slowed to 1.2 percent in September, down from 1.3 percent in August. 
|
|
|
|
|
|
Bank of England
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
