October 2023 market commentary
UK inflation held at 6.7% in October, remaining the highest rate in the G7. However, while petrol and diesel costs continued to keep the rate high, food and non-alcoholic drinks prices fell for the first time in over two years. The Bank of England held the base rate at 5.25% but remained cautious on the wider economy, downgrading their 2024 growth forecasts.
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