UK Inflation Jumps to 3.5% in September — Highest in Nearly a Year — Ahead of Budget

The Bank of England in London

Photo: ForexHatch (file photo)

Britain's annual inflation rate jumped to 3.5% in September, its highest level in nearly a year, piling pressure on finance minister John Healey just a week before his first budget.

The Office for National Statistics said on Wednesday that consumer price inflation rose from 3.1% in August, coming in hotter than the 3.4% forecast by economists polled by Reuters. The ONS said higher petrol and diesel costs — driven by the surge in energy prices from the war in the Gulf — were the main reason for the increase. Core inflation picked up to 2.8%, while services inflation, closely watched by the Bank of England, jumped to 3.7%.

Investors now expect the Bank of England to raise its benchmark Bank Rate to 4% next month — the first increase in three years. September's inflation figure is also used to set annual increases for welfare benefits. Separate figures showed government borrowing running above forecast and public debt topping £3 trillion ($4.01 trillion), underlining the tight constraints facing Healey ahead of the October 28 budget.

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