The UK is due to release October CPI data on Wednesday, and economists expect annual inflation to rise by 2.2%, once again exceeding the Bank of England’s 2% target.
This would rise above 1.7% in September, the first time annual inflation has fallen below the Bank of England’s target in more than three years.
The Bank of England delivered a second interest rate cut of 25 basis points earlier this month, and said further cuts were likely to be gradual as it assessed continuing inflation pressures including from the new British government’s first budget.
Bank of England Governor Andrew Bailey will appear alongside several other officials before Parliament’s Treasury Committee on Tuesday to answer questions about inflation and monetary policy expectations.
The UK is scheduled to release October retail sales data on Friday alongside PMI data for the manufacturing and services sectors.
