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8 September 2023,00:40
Weekly Outlook
8 September 2023, 00:40
The rate improved to 0.5% from -0.1%, a sharp increase in the second quarter of the year. The manufacturing sector experienced a notably robust month, with significant growth observed in both the automotive industry and the typically unpredictable pharmaceutical sector. The UK is the sole G7 nation that has not yet witnessed its gross domestic product (GDP) returning to pre-Covid levels.
Within the expectation, July CPI remained steady at the rate of 0.2%. Although inflation is heading in a favourable direction, the fact that it remains at a relatively high level indicates that the Federal Reserve is not yet close to considering rate cuts.
The inflation rate in the Eurozone remained at 5.3% in August. Some economists argue that a further rate hike in September might be necessary to efficiently reduce inflation. However, some experts contend that the current policy adjustments have already been sufficient to bring down inflation. The European Central Bank (ECB) maintains an “open mind” regarding the decision on interest rates.
In July, the Producer Price Index (PPI) recorded an increase of 0.3%, slightly surpassing expectations. This rise was primarily driven by the resurgence in service costs, underscoring the unpredictable nature of achieving the target inflation rate of 2%.
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