UK inflation rises more than expected to 3.5% in September as fuel prices climb
Summary
The rate of Consumer Prices Index inflation was 3.5% in September, up from 3.1% in August, the Office for National Statistics said, the highest rate in almost a year after fuel prices climbed, the Evening Standard and The Independent reported on Wednesday 21 October. UK inflation climbed by more than expected, economists having forecast an increase to 3.4%, after a surge in prices from the conflict in the Middle East pushed the cost of diesel above £2 a litre, according to The Guardian, whose business live page said petrol and diesel costs rose the most in four years, while Wales Online and the Bristol Post said transport costs were the single largest contributor to the upturn. The cost of filling up with petrol was up 26.5% year on year in September, compared with an annual rise of 20.2% in August, the Evening Standard and The Independent reported. The Guardian called the figure a blow to John Healey before the chancellor's first budget in a week's time, amid fears the rate will breach 4% next year, the Evening Standard describing a pre-Budget blow to Chancellor John Healey. The Financial Times said the figure will strengthen expectations of a Bank of England rate rise in November, headline and core inflation having accelerated ahead of the November meeting, and The Independent reported that an interest rate hike is 'firmly on table', experts saying the latest official data reinforced expectations of a hike in November.
Latest: UK Consumer Prices Index inflation rose by more than expected to 3.5% in September, from 3.1% in August, the ONS said, as fuel prices climbed, the cost of filling up with petrol being up 26.5% year on year according to the Evening Standard and The Independent, The Guardian citing a surge in prices from the conflict in the Middle East, the Financial Times saying the figure will strengthen expectations of a Bank of England rate rise in November and The Independent that an interest rate hike is 'firmly on table'.
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How it unfolded
Wednesday 21 October
UK Consumer Prices Index inflation rose by more than expected to 3.5% in September, from 3.1% in August, the ONS said, as fuel prices climbed, the cost of filling up with petrol being up 26.5% year on year according to the Evening Standard and The Independent, The Guardian citing a surge in prices from the conflict in the Middle East, the Financial Times saying the figure will strengthen expectations of a Bank of England rate rise in November and The Independent that an interest rate hike is 'firmly on table'.
- 10:02Manchester Evening NewsWarning as interest rate hike looms after inflation hits 11-month high
- 07:29The IndependentInterest rate hike ‘firmly on table’ after inflation rises to 11-month high
- 05:30Evening StandardWhat factors helped lift inflation in September – and where did prices fall?
- 05:29The IndependentWhat factors helped lift inflation in September – and where did prices fall?
- 04:52EuronewsUK inflation jumps more than expected fuelling rate hike expectations
- 03:03Financial TimesUK September inflation fuels expectations of imminent BoE rate rise
- 02:28Bristol PostCost of living blow for UK households as inflation soars again
- 02:27Wales OnlineCost of living blow for UK households as inflation soars again
- 02:27Evening StandardInflation jumps to near-year high of 3.5% in pre-Budget blow to Chancellor John Healey
- 02:15The IndependentUK inflation jumps to highest rate in almost a year after fuel prices climb
- 02:15Evening StandardUK inflation jumps to highest rate in almost a year after fuel prices climb
- 02:14The GuardianUK inflation jumps to 3.5% on rising motor fuels cost; UK approves Jackdaw gasfield – business live
- 02:02The GuardianUK inflation rises by more than expected to 3.5% as war drives up fuel prices
- 02:01Financial TimesUK inflation rose more than expected to 3.5% in September