The new Bank of England chief economist said the UK’s inflation rate could exceed 5% next year.
Huw Pill told the Financial Times: And that’s a very uncomfortable place for central banks with an inflation target of 2%. ”
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In September this year, inflation fell to 3.1%, down from 3.2% in August. According to the National Bureau of Statistics, rising gasoline prices and transportation were the biggest contributors.
Mike Hardy, ONS Price Director, commented: “But this was partially offset by most other categories, including rising prices for furniture and household items and increasing prices for food more slowly than last year.”
“The cost of the goods produced by factories has risen again, and metals and machinery have shown significant price increases. Road freight costs for UK companies continued to rise throughout the summer.”
