Inflation predicted to fall to 2.9% by end of year.

RG2015

How things change.

Inflation is forecast to fall from 10.7% last year to 2.9% by the end of this year.

The Right Hon Ch of Excq

eskbanker

But if 'The Right Hon Ch of Excq' told me it was Wednesday, I'd still be checking my calendar!

RG2015

eskbanker said:

But if 'The Right Hon Ch of Excq' told me it was Wednesday, I'd still be checking my calendar!

Indeed.

Just checked again and it was actually the OBR.

The rate of price rises, or inflation, is forecast to fall to 2.9% by the end of 2023, according to the Office for Budget Responsibility.

The pace of price rises is set to slow by more than expected this year.

The rate of price rises - known as inflation - is currently 10.1%. It should actually be closer to 2%, which is the target that the Bank of England aims for when it is setting interest rates.

Last November, the Office for Budget Responsibility predicted that the average inflation rate for 2023 would be 7.4%. It now expects 2.9% by the end of 2023.

happybagger

Got more chance selling sand to Arabia than that happening

Shedman

happybagger said:

Got more chance selling sand to Arabia than that happening

Leighton Buzzard sells sand to Saudi Arabia.

You read that right. Middle Eastern countries, which are not short of sand deposits themselves, import from quarries around the landlocked Bedfordshire town.

Leighton Buzzard's sand is so special that it's famous all over the world for its versatility and its usage.

https://www.bedfordshirelive.co.uk/news/bedfordshire-news/reason-leighton-buzzard-sells-sand-4883944

sevenhills

The OBR and Bank of England seem to have very different opinions, I feel its politics, when the OBR should be non-political.

Descrabled

happybagger said:

Got more chance selling sand to Arabia than that happening

I once worked on a contract, for a USA engineering company, that did include graded sand being imported into Saudi Arabia.

Grumpy_chap

Shedman said:

happybagger said:

Got more chance selling sand to Arabia than that happening

Leighton Buzzard sells sand to Saudi Arabia.

You read that right. Middle Eastern countries, which are not short of sand deposits themselves, import from quarries around the landlocked Bedfordshire town.

Leighton Buzzard's sand is so special that it's famous all over the world for its versatility and its usage.

https://www.bedfordshirelive.co.uk/news/bedfordshire-news/reason-leighton-buzzard-sells-sand-4883944

I did a project once where Leighton Buzzard sand was specified.  It is particularly unique by the natural particle size distribution and uniformity of particle characteristics.

Swipe

Just look at how many duff forecasts the OBR has made of late

CompulsiveSaver

I doubt anyone actually believes the OBR (which is funded by the UK Treasury...), so I think this could be (maybe) in the category of "politically optimistic forecast".

-The OBR are saying Inflation will be above target for the whole of 2023!!!
-The BOE MPC will miss their target for the whole of 2023.

Perhaps they need to increase some interest rates as they are obviously not doing enough, or they will miss their inflation target for the whole of 2023, 2022... or has their have a remit to consistently miss their inflation target, as they seem to be very good at it? in 2021 the OBR forecast inflation would be an average of 4% for 2022, in reality it was around 8.1%...

Also, I have seen some articles saying the Fed is concerned about the persistently high inflation of 6.5%, but the BOE MPC apparently seems quite relaxed about 9.5%!!!!  says it all really!

Sea_Shell

But it doesn't mean prices will come down....just that they won't be going up by as much!!!

They'll still be going up.