Bank of England Governor Andrew Bailey stated that the second-round effects of inflation remain contained, with businesses prioritizing cost-cutting measures. Inflation, above the BoE’s 2% target, reached 3.1% in August. Bailey noted that there is little evidence that higher energy costs are affecting wages and pricing structures. Markets interpret this cautious stance as reducing the likelihood of a rate cut in November. The possibility of further tightening remains relevant, as inflation stays above the 2% target.
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