Inflation Rises AGAIN as CPI Rate Hits 3.1% in Cost of Living Blow
Piddington Declares Independence From UK Over Illegal Migrant Housing
TL;DR
- UK inflation rate reached 3.1% in the 12 months to August, up from 2.9% in July.
- The rise is attributed to increased transport costs, specifically motor fuels and airfares.
- Analysts are pricing in multiple interest rate hikes this year due to growing inflationary pressure.
- The Bank of England's Monetary Policy Committee is expected by some economists to hike interest rates to 4% tomorrow.
- The Chancellor highlighted the impact of the war in the Middle East on global inflation and mentioned government measures to alleviate cost of living pressures.