UK inflation jumps more than expected on rising fuel costs
The Consumer Prices Index jumped to 3.5% from an annual rate of 3.1% in August, one week before the Labour government's release of its annual budget.
Britain's annual inflation rate surged to 3.5% in September, significantly higher than anticipated, according to official data released on Wednesday. The increase in the Consumer Prices Index was driven by a sharp rise in fuel prices, with diesel at UK pumps hitting its highest level since July 2022, following Russia's invasion of Ukraine.
This marked the highest inflation rate in nearly a year and exceeded analysts' consensus forecast of 3.4%. Transport costs, especially motor fuels, contributed the most to the inflation surge, the Office for National Statistics (ONS) reported. The ONS chief economist, Grant Fitzner, also highlighted that the annual cost of raw materials and goods leaving factories in the UK continued to rise in September, fueled by higher crude oil and petrol prices.
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