From Fortune · The Associated Press · · 1m
UK inflation hits year high as fuel costs surge
Consumer prices rose to 3.5% in September, driven by Iran war fuel costs, pushing the Bank of England toward a rate rise.
In brief
Consumer prices rose to 3.5% in September, driven by Iran war fuel costs, pushing the Bank of England toward a rate rise. UK inflation reached its highest level in almost a year at three point five percent in September, driven by fuel costs from the Iran war, cementing expectations of a Bank of England rate rise in…
UK inflation hits year high
Consumer prices in the UK rose to three point five percent in the year to September, up from three point one percent in August. This is the highest reading since October last year.
Fuel costs drive the surge
Motor fuels soared by thirty percent in the year to September, up from a twenty three percent annual rise in August.
Rate rise expected in November
Economists expect the Bank of England to increase interest rates at its next meeting on November fifth.
“some breathing space”
The takeaway
UK inflation reached its highest level in almost a year at three point five percent in September, driven by fuel costs from the Iran war, cementing expectations of a Bank of England rate rise in November.
