Title: “Navigating UK Inflation: CPI Rise and Potential Interest Rate Adjustment”

Jun 19, 2024

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UK CPI Increase and Potential Interest Rate Cut


The UK Consumer Price Index (CPI) rose by 2.0% in the 12 months leading up to May 2024, prompting speculation about a possible interest rate reduction by the Bank of England to address slowing inflation.


After a period of divergence, UK inflation aligns with the BoE’s target of 2%. There are discussions about the BoE contemplating a rate cut in response to the declining inflation, which could impact cryptocurrency usage and prices in the UK.

Main Points

The CPI in the UK increased by 2.0% in the 12 months to May 2024, down from 2.3% in April, marking the lowest inflation rate since July 2021. Recent statistics show a monthly CPI rise of 0.3% in May, slightly below expectations due to food price decreases. The BoE is considering lowering interest rates to address the slowdown in UK inflation, following a consistent rise in rates since December 2021 to counter high inflation levels that reached 11.1% in October 2022.


Bitcoin experienced a temporary drop and recovery in value, while Ethereum surged past $3.5K as the SEC closed an investigation on ETH sales, reflecting ongoing developments in the cryptocurrency market alongside fluctuations in inflation rates in the UK.