UK inflation rises to 3.5% in September, highest in nearly a year
UK inflation rose to its highest level in nearly a year, driven by fuel prices amid the war with Iran, according to official figures from the Office for National Statistics. Consumer prices rose 3.5% in the 12 months to September, up from 3.1% in August, above the 3.4% expected by economists and above the Bank of England's 2% target. Economists expect the bank to raise rates at its November 5 meeting.
In 40 seconds
- Consumer prices rose 3.5% year on year in September, up from 3.1% in August and above the 3.4% expected.
- It is the highest reading since last October and exceeds the Bank of England's 2% target.
- Vehicle fuels surged 30% year on year, versus 23% in August, due to the war with Iran and bottlenecks in the Strait of Hormuz.
Read the full story at The Morning Call
IASummary generated by artificial intelligence from a story by The Morning Call. It may contain errors: the original source prevails.
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