A dip in the UK’s annual inflation rate to 9.9% today brought some relief for traders after last night’s big Wall Street sell-off.
The tech-focused Nasdaq dived 5% yesterday after US inflation fell by less-than-expected to 8.3%, fuelling expectations for another big hike in interest rates next week.
Today’s easing in UK inflation from 10.1% the previous month was caused by lower petrol prices, but economists still expect a peak of around 11% later this year.
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