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LONDON, 13th October 2015 – Commenting on today’s announcement that the UK inflation rate has turned negative, Andrew Burrell, Head of Forecasting at JLL said: “Worries that this negative measurement betrays underlying economic tremors would be overstating the importance of this announcement which is based on monthly figures. The extent of deflation is modest and largely a reflection of recent commodity price weakness. Intensifying wage growth will put upward pressure on the CPI rate, taking it back towards the official target over the next 12 months.
“However, subdued headline inflation figures and recent global developments such as concerns over the Chinese economy and the Fed’s reluctance to raise interest rates, means that there is no immediate pressure on the Bank of England to raise UK rates. In our view, any movement on this will now be pushed well into 2016.”
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