Propertymark has argued that the Bank of England should not increase interest rates following the latest inflation figures. 

UK inflation unexpectedly held steady in September at 6.7%, as surging fuel costs offset the first monthly drop in food prices for two years to maintain pressure on households during the cost of living crisis. 

The Office for National Statistics stated the annual inflation rate as measured by the consumer prices index remained the same from August’s figures, with City economists expecting it to drop to 6.6%. 

All of this raises questions as to whether or not the Bank of England will increase interest rates during the next meeting of its Monetary Policy Committee on 2 November. 

Nathan Emerson, CEO at Propertymark, said: “We are keen to see inflation drop, as this is essential to help ease the financial pressures on many households. There must be confidence in the economy, however the balance between inflation and interest rates is a very fragile path which must be very closely monitored and responded to. Households should never find themselves in a near impossible situation where they are impacted by high inflation and high interest rates to the point they cannot get by each month.”