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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.