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Inflation in UK unchanged at 6.7% in September, still way more than Bank of England’s target of 2%

Associated Press

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 fuel costs for motorists. 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%. Last month, the bank brought an end to nearly two years of interest rate rises as inflation fell from multi-decade highs above 11%.

Article Topic Follows: AP-National

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