UK Inflation Highest in Nearly Two Years

British inflation recorded its sharpest jump in more than two years in September, even without any direct evidence of the weaker pound pushing up prices, official figures showed on Tuesday.

Annual consumer price inflation rose to 1.0 percent from 0.6 percent in August, the highest level since November 2014 and the biggest jump from one month to the next since June 2014, the Office for National Statistics said.

Economists polled by Reuters had expected a reading of 0.9 percent, and Tuesday’s figure was at the top end of the range of forecasts. They are likely to view September’s rise as only the start of a much broader increase, fuelled by the pound’s near 20 percent plunge since June’s vote to leave the European Union.

Reuters

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