.jpg)
9 hours ago
3
Article content
(Bloomberg) — UK inflation unexpectedly held steady last month, a weaker-than-forecast reading that may keep alive hopes of a Bank of England interest-rate cut before the end of the year.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Consumer prices rose 3.8% from a year earlier, unchanged from the previous month, the Office for National Statistics said on Wednesday. It was below the 4% economists and the BOE were expecting.
Article content
Article content
Article content
The ONS said upward pressure from auto fuel prices were offset by cheaper food prices. Services inflation, which the BOE is watching closely for signs of domestic price pressures, was unchanged at 4.7%.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The figures bring some relief to households squeezed by more expensive food and energy bills, with September widely seen as a high-water mark for an inflation rate that has jumped from 1.7% a year ago. Prices pressures are now expected to steadily subside.
Article content
They may also further ease concerns about lingering inflation in the wake of downbeat data on the economy and jobs market. While the BOE is unlikely to cut rates at its meeting next month, coming just weeks before the government’s crucial budget, the odds of a move in December have edged higher.
Article content
The central bank’s rate-setting panel is currently divided between hawks that are concerned over persistent inflation and more dovish officials who are putting more emphasis on a weakening economy and jobs market. Governor Andrew Bailey has taken a balanced stance, saying the timing of the next move is uncertain.
Article content
Chancellor of the Exchequer Rachel Reeves has promised to deliver fiscal plans that help contain inflation, hinting that she will tackle pressures from rises in regulated prices.
Article content
Article content
—With assistance from Joel Rinneby, Harumi Ichikura and Mark Evans.
Article content
English (US)