UK inflation rate rises to 3.1% in year to August
ONS said petrol, diesel and airfares drove the rise, while inflation stayed above the Bank of England’s 2% target.
- Official figures published on Wednesday showed British inflation accelerated to a five-month high of 3.1% in August, rising from 2.9% in July.
- Petrol, diesel, and airfares stoked price growth as the conflict in the Middle East continued to disrupt global oil supplies during the summer travel season.
- Core inflation held at 2.6% for a fourth consecutive month in August, The Office for National Statistics reported, while services inflation remained unchanged at 3.4%.
- Despite rising price pressures, the Bank of England is expected to keep interest rates on hold at 3.75% when it meets on Thursday.
- Goldman Sachs expects headline inflation to peak at 3.9% in early 2027, pushing further away from the Bank of England's 2% target amid longer-term inflation concerns.
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This figure, published this Wednesday by the National Bureau of Statistics (ONE), follows an inflation of 2.9% in July, which had represented the first acceleration since March. "Transport, in particular vehicle fuels, was the factor that contributed the most" to this increase, explained the ONE in its statement. The war in the Middle East, which has triggered the price of hydrocarbons, is beginning to "have a significant impact on British econo…
The Toronto Star
UK inflation rises to 5-month high, further pressuring Bank of England to raise rates this year
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…
Inflation in the United Kingdom accelerated again in August, keeping price pressures well above the Bank of England (BoE) target, before the decision on the interest rate on Thursday. Exclusive subject matter for subscribers. To have full access, access the link of the subject and register.
Inflation Rises to 3.1% as Middle East Turmoil Fuels Fears of Further Increases
Internewscast Internewscast Households across Britain are preparing for further inflationary pressure after official figures… This Post: Inflation Rises to 3.1% as Middle East Turmoil Fuels Fears of Further Increases first appeared on Internewscast
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