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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
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Financial Services

UK inflation unchanged as rising fuel costs dash hopes for fall

Inflation remained unchanged in September, dashing hopes for a further fall, as rising fuel costs maintained the pressure on the Bank of England to keep interest rates high in its efforts to curb price growth.

The consumer prices index (CPI) rose by 6.7% in the 12 months to September, the same rate as in August, confounding hopes for a fall to 6.5%, according to figures from the Office for National Statistics (ONS).

On a monthly basis, CPI rose by 0.5% in September, the same rate as in September 2022.

Core CPI (excluding energy, food, alcohol and tobacco) rose by 6.1% in the 12 months to September, down from 6.2% in August, compared to forecasts of a fall to 6.0%.

The ONS said the largest downward contributions to the monthly change in CPI annual rates came from food and non-alcoholic beverages, where prices fell on the month for the first time since September 2021, and furniture and household goods, where prices rose by less than a year ago.

But rising prices for motor fuel made the largest upward contribution to the change in the annual rates.

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