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British inflation reaches 3.5 percent
Inflation rates in the United Kingdom rose to 3.5% during the twelve months ending in September, surpassing the forecast of 3.4%. This increase was primarily driven by a 29.8% rise in car fuel prices over the year, marking the highest level since August 2022, following a surge in fuel costs due to external shocks such as the rise in oil prices related to the Russia-Ukraine war. The higher inflation has led to strong expectations of a potential interest rate hike, especially after the relative stability of UK bond yields and the British pound. The data reflect the continuation of the upward inflation trend that began in July, making it the highest in a year.
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