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UK Inflation Rate Rises to 3.5% Amid Fuel Price Surge
UK inflation rate rises to 3.5% amid a surge in fuel prices.
Key points
- The UK inflation rate has increased to 3.5%.
- Inflation was 3.1% in the year to August according to the Office for National Statistics.
- The Bank of England has a target to keep inflation at 2%.
Why it matters. The rise in inflation moves the rate further away from the Bank of England's 2% target.
The Office for National Statistics reports that the UK inflation rate has risen to 3.5%. This is an increase from 3.1% in the year to August. The Bank of England maintains a target to keep inflation at 2%.
Latest updates
UK Inflation Rate Rises to 3.5% Amid Fuel Price Surge
The rise in the Consumer Prices Index (CPI) puts further pressure on the Bank of England, which maintains a target inflation rate of 2%. Data released on October 21 indicates that surging energy and fuel prices are the primary drivers of the increase. Economists note that this trend may influence upcoming interest rate decisions. The increase affects the cost of living across the United Kingdom.