Leading Indicators | UK inflation cools ahead of Chancellor Reeves’ Spring Statement
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UK inflation unexpectedly cools at 2.8% in February
UK inflation eased to 2.8% in February, below market expectations of 3% and in line with the Bank of England’s forecast. The slowdown comes just ahead of Chancellor Rachel Reeves’ Spring Statement, where she is expected to outline cuts to public spending and welfare later today. Inflationary pressures are set to rise from April as regulated price hikes take effect, including a sharp increase in water bills and a 6.4% rise in Ofgem’s energy price cap.
Investors favour safe-haven assets
Gold has surged to a record high, climbing 14% year-to-date and surpassing the $3,000 mark for the first time. Investors are increasingly turning to safe-haven assets, such as gold and prime West End office properties, amid escalating global geopolitical tensions and ongoing uncertainty surrounding Trump's trade policies.
UK Composite PMI hits six-month high, driven by services growth
The latest UK PMI data points to early signs of economic recovery. The UK Composite PMI rose to a six-month high of 52.0 in March, up from 50.5 in February. Growth was primarily driven by the financial and consumer services sectors, with the UK Services PMI climbing to 53.2. However, manufacturing output continued to decline, impacted by tariffs and weak overseas demand.
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