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

Inflation ‘at 5-year high amid fuel rise’			
				 
   by Kalyeena Makortoff 
  Published

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.

"The MPC will probably be focussed more on tomorrow's wage growth figures for any signs that domestic cost pressures are building", he said, predicting inflation will be back below 3% by the end of the year and will end 2018 at around 2.25%. She said she might vote for a rate rise as "we are approaching a tipping point" but said she was watching the economic data closely as "rasising rates too soon would be a costly mistake".

Economic theory suggests an increase in interest rates pushes inflation down because it increases the value of the income derived on sterling assets to overseas buyers, increasing demand for those assets, pushing the value of the currency upwards.

At its last meeting, the BoE held rates at 0.25% but said a rate rise was likely if the economy continued on its current trajectory, in particular pointing to rising inflation.

The pair were speaking to the Treasury Select Committee.

The Governor is likely to be questioned about inflation and interest rates by MPs.

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He said it is more likely than not that he will write open letter to Chancellor Philip Hammond, explaining why inflation exceeded the target by one percentage point.

With regard to storms, "I would take some of the numbers coming this month with little salt because I know it's opaque", Trang said. She added that a premature rate hike could prove more costly to the economy than an early rate cut. "We expect that inflation will peak in and around the October figure, October-November figures, peaking potentially above the 3% level".

He said the cut in interest rates implemented immediately after the European Union referendum result was the right thing to do to secure economic growth, but that the "trade off" between protecting against higher inflation and securing economic growth has changed, to the point where a rate rise would be unlikely to hamper growth, but could ease inflationary pressure.

The consumer prices index increased to 3 per cent in September, up from August's 2.9 per cent and the highest reading since 2012, according to the Office for National Statistics.

"The overall tone from the testimony supports our view of a rate hike in November", said Barclays after mulling the Q&A session.

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