# UK inflation jumps to 2.3%, underscoring BoE's stance for gradual rate cuts

> UK consumer price inflation rose to 2.3% in October, above expectations, according to official data. The Bank of England has signaled gradual rate cuts, and the new government's budget is expected to add to inflation next year.

- Date: 2024-11-20 · published 2024-11-20T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/27644-uk-inflation-jumps-to-2-3-underscoring-boe-s-stance-for-gradual-rate-cuts
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Sterling and UK rate expectations shape the GBP cross-rate and the cost of imported feed inputs for UK buyers; a slower BoE easing path tends to support the pound against the dollar.

## Read by commodity

- DXY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-09-23 | [BoE sees growing case for rate rise as inflation to stay higher for longer \| Reuters](https://feedsoft.ai/events/45307-boe-sees-growing-case-for-rate-rise-as-inflation-to-stay-higher-for-longer.md) | +1.0% | -0.0% |
| DXY | 2017-12-14 | [Bank of England unanimously votes to hold interest rates, shifting focus to inflation](https://feedsoft.ai/events/67720-bank-of-england-unanimously-votes-to-hold-interest-rates-shifting-focus-to.md) | -0.4% | -2.1% |
| DXY | 2025-06-18 | [Fed keeps rates steady but pencils in two cuts by end of 2025; Powell sees 'meaningful' inflation ahead](https://feedsoft.ai/events/24108-fed-keeps-rates-steady-but-pencils-in-two-cuts-by-end-of-2025-powell-sees.md) | -0.1% | +0.1% |
| DXY | 2017-03-27 | [Goldman Sachs: Weak British Pound Means Weaker Consumer, BoE Looks Through Inflation \| Exchange Rates UK](https://feedsoft.ai/events/72231-goldman-sachs-weak-british-pound-means-weaker-consumer-boe-looks-through.md) | +0.1% | +0.2% |
| DXY | 2022-07-28 | [Federal Reserve Lifts GBP/USD Rate into Chart Resistance Near 1.2179](https://feedsoft.ai/events/40758-federal-reserve-lifts-gbp-usd-rate-into-chart-resistance-near-1-2179.md) | -0.3% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/world/uk/uk-inflation-rises-23-october-2024-11-20/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.