Taylor Swift inflation lift in focus for the Bank of England

A busy week for economic data will shed more light on the economy after inflation returned to the Bank’s 2 target in May.

Taylor Swift could be among the dilemmas facing the Bank of England this summer, as economists predict the American singer’s arena tour could have put some pressure on UK inflation last month.

Analysts for Investec and Deutsche Bank are predicting CPI to have stayed put, while Pantheon Macroeconomics expects it to have dipped to 1.9% for the latest month, below the Bank’s target level. But he cautioned over one-off pressures including live music price rises, driven by Taylor Swift’s UK arena tour.

Mr Raja therefore said he expects live music inflation to nearly double to around 10% in June from 5.7% in May. Andrew Bailey, the Bank’s Governor, stressed last month that it needs “to be sure that inflation will stay low”, which is why it decided to hold interest rates at 5.25% “for now”.

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