KPMG comments on today’s inflation figures

“Inflation eases but this may not be enough for the Bank of England to change course” says Yael Selfin, Chief Economist at KPMG UK.

“Inflation eases but this may not be enough for the Bank of England to change course”

“Headline inflation fell in June thanks to further improvements in food and energy prices. While the Bank of England will welcome the fall in inflation, it is unlikely to substantially change its hawkish policy stance as inflation continues to run significantly above target.

“June also saw a fall in services and core inflation, which could point to weakening of underlying inflationary pressures, following a string of increases fuelled by strong wage pressures in the labour market.   

“Inflation is likely to continue to fall in the coming months on the back of sustained disinflationary pressures from food and energy. Despite this, inflation is unlikely to return to target before early 2025. We expect inflation to average 7.5% this year before falling to 3% in 2024.”



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KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. 

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