UK inflation rises by more than expected to 3.5% as war drives up fuel prices
Transport costs drove the biggest rise as core and services inflation also climbed, increasing pressure on the Bank of England to raise rates.
- The Consumer Prices Index rose to 3.5% in September from 3.1%, according to the Office for National Statistics, marking the highest annual inflation rate in 12 months.
- Conflicts in the Middle East and Europe squeezed global oil supplies, driving petrol and diesel prices sharply higher, with average diesel surpassing £2 a litre this month, according to RAC figures.
- Rob Wood and Elliott Jordan-Doak, UK economists for Pantheon, attributed the surge to higher motor fuel costs, while the end of a temporary summer VAT cut also contributed to rising prices.
- The price acceleration ahead of John Healey's first Budget cemented expectations for a Monetary Policy Committee interest rate hike, reversing the Bank of England's prior easing cycle.
- September's reading continues an upward inflation trend in Britain, following earlier prints of 2.9% and 3.1%, as energy shocks have driven overall price pressures throughout the summer.
108 Articles
108 Articles
UK inflation rise to highest in almost a year as Iran war drives fuel prices higher – WTOP News
LONDON (AP) — Inflation in the U.K. rose to its highest rate in almost a year as the Iran war continues to ratchet up fuel prices, official figures showed Wednesday, cementing market expectations that the Bank of England will raise interest rates next month. The Office for National Statistics said consumer prices rose by 3.5%...
UK inflation rise to highest in almost a year as Iran war drives fuel
LONDON (AP) — Inflation in the U.K. rose to its highest rate in almost a year as the Iran war continues to ratchet up fuel prices, official figures showed Wednesday, cementing market expectations that the Bank of
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UK Inflation Rises to 3.5% as Energy Costs Strain Households and Businesses
UK inflation climbed to 3.5% in September, surpassing forecasts as higher petrol and diesel prices increased pressure on households and businesses. Government borrowing also exceeded ... The post UK Inflation Rises to 3.5% as Energy Costs Strain Households and Businesses first appeared on [your]NEWS.
"The transport sector, particularly that of fuels, contributed most to [...] annual CPI rates, or inflation," the UK National Statistics Office said.
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