Oil costs push UK inflation to 11-month high

Inflation in Britain rises to an eleven-month high, with consumer prices increasing by 3.5% in September, primarily driven by higher fuel and diesel prices, as oil prices surpassed $100 per barrel. This boosts the likelihood of the Bank of England raising interest rates for the first time in over three years, with expectations that the bank will increase rates by a quarter of a percentage point at its upcoming November meeting, and markets price in further hikes in the coming months. These inflationary pressures are likely to increase financial burdens on British households, with forecasts suggesting that inflation could exceed 4% in early 2027.

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