Current:Home > MarketsInflation in UK unchanged at 6.7% in September, still way more than Bank of England’s target of 2%-Angel Dreamer Wealth Society D1 Reviews & Insights
Inflation in UK unchanged at 6.7% in September, still way more than Bank of England’s target of 2%
View Date:2024-12-23 19:29:44
LONDON (AP) — Inflation in the U.K. held steady at 6.7% in September as easing food and drink price rises were offset by higher petrol and diesel prices for motorists, official figures showed Wednesday.
The flat reading reported by the Office for National Statistics was unexpected. Most economists had predicted another fall.
It means that the U.K.'s inflation rate remains more than three times higher than the Bank of England’s target rate of 2%. The bank, though, is not expected to raise interest rates at its next policy meeting, opting instead to keep its main borrowing rate unchanged at the 15-year high of 5.25%.
The flat reading will raise concerns, certainly among homeowners, that rates will stay higher for longer.
Last month, the bank brought an end to nearly two years of interest rate rises as inflation fell from multi-decade highs above 11%.
Most economists expect a sizeable decline in inflation next month.
“Progress on falling inflation has stalled, for one month at least,” said James Smith, research director at the Resolution Foundation think tank. “It should fall sharply next month to below 5%, as energy prices fall for most people.”
The U.K. has the highest inflation rate among the Group of Seven leading industrial economies — and by quite a margin. Some economists attribute that to Britain’s departure from the European Union, which has created worker shortages in some sectors, raising costs to business, and led to frictions in trade.
veryGood! (3)
Related
- Martin Scorsese on the saints, faith in filmmaking and what his next movie might be
- GOP suffers big setback in effort to make winning potentially critical Nebraska electoral vote more likely
- Caitlin Clark wins second straight national player of the year award
- Man cuffed but not charged after Chiefs Super Bowl Rally shooting sues 3 more lawmakers over posts
- The Surreal Life’s Kim Zolciak Fuels Dating Rumors With Costar Chet Hanks After Kroy Biermann Split
- Judge refuses to delay Trump's hush money trial while Supreme Court weighs presidential immunity
- Court filing asks judge to rule that NCAA’s remaining NIL rules violate antitrust law
- New rule strengthening federal job protections could counter Trump promises to remake the government
- Dozens indicted over NYC gang warfare that led to the deaths of four bystanders
- UConn women back in Final Four. How many national championships have the Huskies won?
Ranking
- Cruise ship rescues 4 from disabled catamaran hundreds of miles off Bermuda, officials say
- Lawsuit challenges $1 billion in federal funding to sustain California’s last nuclear power plant
- Horoscopes Today, April 2, 2024
- Lawsuit challenges $1 billion in federal funding to sustain California’s last nuclear power plant
- 'Joker 2' actor pans DC sequel as the 'worst film' ever: 'It has no plot'
- Jay-Z’s Made In America festival canceled for the second year in a row
- NIT schedule today: Everything to know about men's championship on April 4
- A former Houston police officer is indicted again on murder counts in a fatal 2019 drug raid
Recommendation
-
'Gladiator 2' review: Yes, we are entertained again by outrageous sequel
-
Why Rebel Wilson Thinks Adele Hates Her
-
Oklahoma prepares to execute man for 2002 double slaying
-
3 dates for Disney stock investors to circle in April
-
Queen Bey and Yale: The Ivy League university is set to offer a course on Beyoncé and her legacy
-
Jay-Z’s Made In America festival canceled for the second year in a row
-
'Gilmore Girls' alum Matt Czuchry addresses Logan criticism, defends Rory's love interests
-
Idaho lawmakers pass bills targeting LGBTQ+ citizens. Protesters toss paper hearts in protest