UK Inflation Hits Five and a Half Year High in September

British inflation rose to its highest level in more than five years in September, official data showed on Tuesday, adding to the likelihood that the Bank of England will raise interest rates next month.Consumer prices last month were 3.0 percent higher than a year ago, the Office for National Statistics said, matching economists’ average expectation in a Reuters poll and marking the fastest rise since April 2012.Rising inflation – driven largely by the pound’s fall since last year’s vote to leave the European Union – has squeezed household incomes, causing broader economic growth to slow.

Source: British inflation at 5-1/2-year high in September, rate hike on track – Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam