Economy: British inflation rises to 3.5 percent – highest value in almost a year
This means that an interest rate hike at the beginning of November is considered almost certain - further hikes could follow. This is because central bankers expect inflation to rise above four percent next year.
The UK's inflation rate rose to 3.5% in the 12 months to September, the highest in 11 months, according to the Office for National Statistics. This is up from 3.1% in August and slightly higher than the 3.4% predicted by economists. The Bank of England is expected to raise interest rates for the first time in over three years at its meeting on November 5, with a quarter-point increase seen as almost certain. The price rise was driven largely by fuel costs, with diesel reaching a record high at the end of September.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
