This is just the start of a downward spiral. The Bank of England’s decision to cut rates when inflation was already creeping up looks like a massive misstep, and people will be feeling the consequences for a while.
https://twitter.com/rev_cap/status/1892149956833657199
Ouch‼️
UK #inflation jumped to 3.0% in January, from 2.5%, led by transport and food.
The Bank of England was expecting a pick up but not this quickly, so this will add to worries that the MPC won't cut rates as much as many hope.
Expect more headlines about 'stagflation' too. pic.twitter.com/8tcbsZGINt
— Julian Jessop (@julianHjessop) February 19, 2025