UK Inflation Rises to 5-Month High, Further Pressuring Bank of England to Raise Rates This Year – WTOP News
ONS said petrol, diesel and airfares pushed inflation higher as households face another energy bill rise and economists expect more pressure ahead.
- United Kingdom inflation hit a five-month high of 3.1% in August, moving further from the Bank of England's 2% target ahead of Thursday's interest rate decision.
- Aftershocks from the Iran war continue to ratchet up energy prices after the breakdown of the US-Iran ceasefire in July left the Strait of Hormuz largely closed to traffic.
- Motor fuel prices rose significantly, with diesel averaging 181.8 pence per litre and petrol 161.3 pence per litre; airfares increased 6.2% as the Consumer Price Index climbed from 2.9% in July.
- Rate-Setters are widely expected to keep the Bank of England's main interest rate at 3.75% when the nine-member Monetary Policy Committee concludes its meeting on Thursday.
- Households face further pressure as energy bills are predicted to rise 4% next month, though Chancellor John Healey stressed the economy is "proving resilient" amid warnings inflation could peak near 4% in early 2027.
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UK inflation rises to 5-month high, further pressuring Bank of England to raise rates this year – WTOP News
LONDON (AP) — Inflation in the United Kingdom rose to a five-month high as the aftershocks of the Iran war continued to ratchet up fuel prices, official figures showed Wednesday, an increase that will pressure the Bank of England to hike interest rates again over coming months. The Office for National Statistics said rising prices at the pump and airfares were largely behind the increase in the U.K.’s consumer prices index to 3.1% in August from…
UK inflation rises to 5-month high, further pressuring Bank of England to raise rates this year - Regional Media News
LONDON (AP) - Inflation in the United Kingdom rose to a five-month high as the aftershocks of the Iran war continued to ratchet up fuel prices, official figures showed Wednesday, an increase that will pressure the Bank of England to hike interest rates again over [...]
Evening Standard
Inflation jumps to five-month high as cost-of-living pressures mount
Chancellor John Healey stressed that the UK economy is nonetheless ‘proving resilient’ as he blamed the war in Middle East for the inflation increase.
UK Inflation Hits 5-Month High. Will the Bank of England Hike or Hold?
UK inflation rose to 3.1% in August from 2.9% in July, the highest reading in five months. The Bank of England decides on interest rates one day later. The same shock is showing up elsewhere. Energy costs tied to the Middle East conflict have lifted inflation across major economies over recent...
UK inflation rises to 5-month high, further pressuring Bank of England
LONDON (AP) — Inflation in the United Kingdom rose to a five-month high as the aftershocks of the Iran war continued to ratchet up fuel prices, official figures showed Wednesday, an increase that will pressure the Bank
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