British inflation reaches 5-1/2-year maximum in September

British inflation reaches 5-1/2-year maximum in September

In September, UK inflation grew to its highest value in five years, according to official data, which could make the BoE more likely to lift interest rates next month.

The previous month consumer prices grew 3% versus 2016, as the Office for National Statistics told on Tuesday, matching experts’ average expectation in a Reuters survey and also marking the fastest soar since April 2012.

Ascending inflation – powered mostly by the pound's dip since Brexit vote - has affected household incomes in 2017, causing broader economic surge to slow because wages haven’t managed to keep pace with the soaring cost of living.

Nevertheless, the previous month the BoE told it expected to lift interest rates in the nearer months, so long as the British economy and price pressures kept strengthening.

A majority of financial experts surveyed by Reuters are assured that the BoE will move at its next gathering already in November – although many of them stressed that it would be a serious mistake to act now.

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