Neke cijene hrane su pale, ali se očekuje da će se inflacija povećati.

Inflation in the United Kingdom fell to 2.6 per cent in June, marking the lowest level since March 2023, according to the Office for National Statistics (ONS). This decline came as energy and food prices continued to ease, with fuel costs dropping for the first time since the start of the Middle East conflict. However, economists warn that the downward trend is likely to reverse in July, as energy price caps increased by 13 per cent at the beginning of the month. This is expected to push inflation upward, potentially bringing it close to 3.3 per cent to 3.5 per cent by the end of the year, as base effects, rising food prices, and energy costs begin to impact households more directly. The Bank of England’s base rate currently stands at 3.75 per cent, having been reduced four times last year. While the central bank typically lowers rates as inflation approaches its 2 per cent target, experts believe the anticipated rise in inflation later this year will prevent any rate cuts in the current year. Instead, they predict that the Bank will maintain its current stance for the remainder of 2026, with potential reductions expected to occur in 2027. Sanjay Raja, chief UK economist at Deutsche Bank Research, noted that the upcoming spike in inflation will “continue to keep any prospect of rate cuts off the table for now.” Paul Dales of Capital Economics echoed similar sentiments, suggesting that the Bank of England is likely to leave rates unchanged for the rest of 2026, with a possible reduction to 3 per cent in 2027. The decision to hold rates steady is influenced by several factors, including the ongoing Middle East conflict, which has led to a sharp increase in oil and gas prices. Rising energy costs are expected to contribute to a renewed uptick in inflation, prompting concerns among policymakers. Thomas Pugh, an economist at RSM UK, warned that the Bank will remain cautious about a resurgence in inflation, particularly given the recent surge in oil and natural gas prices. He suggested that interest rates are likely to stay on hold through the end of the year, with any adjustments delayed until 2027. For homeowners, the implications of this stable interest rate environment are mixed. Borrowers with variable or tracker mortgages will see their monthly payments remain unchanged throughout 2026, assuming forecasts prove accurate. Fixed-rate mortgage holders, however, face a different scenario. These mortgages are priced based on swap rates, which reflect expectations of future Bank of England rate movements. Recent increases in oil prices, driven by tensions in the Middle East, have already caused swap rates to climb, leading to a rise in mortgage costs. Sarah Coles, head of personal finance at AJ Bell, explained that mortgage rates had been trending downward, but recent developments have reversed this trend. She advised homeowners facing a remortgage within the next six months to lock in a deal now, as rates could fluctuate unpredictably in the coming months. The Bank of England’s next interest rate decision is scheduled for Thursday, 30 July. During this meeting, the Monetary Policy Committee will evaluate a range of economic indicators, including employment data, wage growth, and inflation trends. Analysts suggest that the committee will be particularly attentive to the impact of the Middle East conflict on energy prices and broader inflationary pressures. With the new government under Prime Minister Andy Burnham, there is also speculation about how the incoming Chancellor, John Healey, might influence monetary policy. Despite the uncertainty surrounding the immediate path of interest rates, most experts agree that the Bank will prioritize stability, avoiding both significant rate cuts and unexpected hikes in the near term.