UK Inflation Highest Since 2012

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The UK's key inflation rate hit 3% in September, the highest it's been since March 2012. Food and transport costs helped to push up inflation in September, the ONS said.

The National Bureau of Statistics (NBS) says inflation rate measured by the Consumer Price Index (CPI) has further declined to 15.98 per cent in September from 16.01 per cent in August. New Bank of England Deputy Governor Dave Ramsden said on Tuesday that domestic price pressures remain below the kind of levels that would pose a threat to the central bank's inflation target. Clearly, the sticky year-on-year inflation rate again supports the Committee's case of holding the line on its policy stance.

The annual inflation rate rose from 1.7% to 1.9%.

Despite coming in shy of expectations, the rate still ensures businesses face a hefty tax hike in 2018 on top of the £23.9 billion the Government is expected to haul in from English firms this year.

The report indicated that food price inflation increased by 20.32 per cent (year-on-year) in Sept, up marginally by 0.07 per cent points from the rate recorded in August (20.25 per cent).

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"On a month-on-month basis, the Headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97per cent recorded in August".

The Consumer Prices Index (CPI) measure of inflation rose from 2.9% in August thanks partly to higher food prices.

"On month-on-month basis, the urban index rose by 0.84 per cent in September 2017, down from 0.99 per cent recorded in August, while the rural index rose by 0.74 percent in September 2017, down from 0.95 per cent in August".

Fuel prices also pushed higher, with petrol and diesel both stepping up by 2.5p on the month to 118.2p and 120.1p respectively.

Whichever measure is used, earnings continue to lag inflation.

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