UK's Reeves: OBR sees CPI of 2.5% in 2024 vs. March forecast of 2.2%
Source Fxstreet
UK Chancellor Rachel Reeves said in the Autumn Forecast Statement that the Office for Budget Responsibility (OBR) expects the Consumer Price Index (CPI) to be at 2.5% in 2024, up from the 2.2% announced in March.
The OBR sees CPI of 2.6% in 2025, up from the March forecast of 1.5%.
Key takeaways
"OBR forecasts show 2024 GDP growth of 1.1% (March forecast 0.8%)."
"OBR forecasts show 2025 GDP growth of 2.0% (March forecast 1.9%)."
"OBR forecasts show 2029 GDP growth of 1.6%."
"Budget will boost long term growth."
Market reaction
GBP/USD stays under pressure and was last seen losing 0.55% on the day at 1.2945.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Insights - AMD (AMD.US) is set to release its Q3 FY2024 earnings on October 29. As one of the few companies capable of genuinely capturing market share from NVIDIA, AMD’s earnings report will be a focal point for the market.
Insights - Microsoft (MSFT) is set to announce its Q1 FY2025 earnings after the market closes on October 30, 2024.
Insights - With AI continuously enhancing advertising efficiency and the U.S. election driving a significant increase in ad spending, Meta’s performance is expected to surpass market expectations.
