UK Inflation Rises Unexpectedly

Rising cost of clothing and petrol were the main contributors to the increase in CPI inflation last month according to the Office for National Statistics

James Gard 12 September, 2017 | 10:36AM

Petrol pumps

UK inflation rose in August, official figures showed today, with the Consumer Price Index rising to 2.9% on the year. The figure came in above analysts’ forecasts of 2.8% and higher than July’s level of 2.6%. The pound rose against the dollar in morning trading as investors backed the idea of an interest rate rise from the Bank of England.

The Office for National Statistics (ONS) said that rising prices of clothing and petrol were the main contributors to the rise in the cost of living. The fall in sterling since the EU referendum continued to push up the prices of imported goods, the ONS said, while a rebound in crude oil prices was having an upward effect on prices at the petrol pump.

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James Gard  is content editor for Morningstar.co.uk

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