CBI responds to latest inflation data for November 2024

Martin Sartorius, Principal Economist, CBI, said:

“Another consecutive monthly rise in inflation, reaching its highest level since March, underscores the persistent price pressures within the UK economy. Wage growth remains strong, and we expect that the policy measures announced in the Autumn Budget will contribute to higher prices next year.

“Today’s inflation uptick reinforces our expectation that the Bank of England’s Monetary Policy Committee will leave Bank Rate unchanged tomorrow. Looking ahead, we anticipate a gradual, quarterly pace of rate cuts throughout 2025.”