UK September Inflation Rate Unexpectedly Rises to 11-Month High; Intensifying Price Pressures May Force Bank of England to Raise Rates Next Month

Zhitong Finance APP has learned that, driven by surging gasoline and diesel prices, the UK inflation rate unexpectedly rose to its highest level in 11 months, putting the Bank of England on track to implement its first interest rate hike in more than three years. Data released by the UK Office for National Statistics on Wednesday showed that the September consumer price index (CPI) rose 3.5% year-on-year, higher than 3.1% in August and the market expectation of 3.4%; core CPI rose 2.8% year-on-year, higher than 2.6% in August and the market expectation of 2.7%. In addition, as an indicator measuring domestic inflationary pressure in the UK, services inflation rose to 3.7%.