'One and done' rate hints hit pound after 3% inflation

'One and done' rate hints hit pound after 3% inflation

New Bank of England Deputy Governor Dave Ramsden said on Tuesday he was in no hurry to vote for an interest rate hike because he saw little sign of inflation pressure building in Britain's labour market.

According to the statistics agency, the inflation growth was stimulated by rising prices for food, recreational goods, and transport costs.

BOE deputy Governor Dave Ramsden was answering United Kingdom lawmaker's questions in a parliamentary committee, alongside new external BOE policy setting member, Silvana Tenreyro.

Michael Hewson, chief market analyst, at CMC Markets, said: "As it is several members of the MPC have signalled that rates could move in the coming months and while we're hearing some stark warnings about the risks of reversing last year's rate cut, the bond markets have already made the adjustment and already priced it in". Carney has previously said he is part of that majority.

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According to the statistics agency, the overall inflation rate in the United Kingdom is higher than in most other European Union countries.

'There has been much talk of a rate hike later this year by the Bank of England, but with so many areas of weakness in the economy, and high levels of indebtedness, a rate rise could be a step too far for the Bank of England, at least until there is more clarity on Brexit, ' he said.

Mr Carney was speaking minutes after the United Kingdom inflation rate for September was revealed to be 3 per cent, the highest for five years.

"I think it's more likely than not that I will be writing on behalf of the MPC a letter to the chancellor", Carney said. We expect inflation to approach summit in October.

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Last month, Threadneedle Street officials suggested the Bank could hike interest rates, for the first time in a decade, at its next meeting on 2 November.

Inflation in Britain rose at the fastest pace in over five years in September, remaining above the Bank of England's 2% target for the seventh consecutive month, after breaking through the threshold for the first time in three years in March.

At 13:00 GMT the FxWirePro's Hourly Strength Index of British Pound was highly bearish at -166.905, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 47.8029.

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