Sterling drifts higher before Carney, inflation data

Sterling drifts higher before Carney, inflation data

Inflation rose to 3% in September, its highest level in more than five years, the Office for National Statistics (ONS) said.

The Government has set an inflation target of 2%, with protocol dictating that Mr Carney must contact the Chancellor if inflation exceeds 3% or falls short of 1%.

United Kingdom consumer prices last month were 3% higher than a year ago, the Office for National Statistics said today.

"Against poor productivity, wages are expected to struggle to even keep up with lower inflation further out".

On an annual basis, prices rose by 3% last month, its highest level since October 2013 when it climbed by 3.9%.

The ONS said that a 0.8% spike in food prices was the main contributor to the overall increase, while transport costs fell less than they did a year earlier.

A range of core inflation measures all told a similar story, with the annual rate either holding steady or ticking slightly higher, and sitting within a range of 1.7% to 2.0%.

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He added: 'As such, we think that CPI inflation will return to the 2% target by late 2018 and likely will slip below 2% in 2019, discouraging the Committee from raising interest rates a few times over the next 12 months'.

However, most of the difference was on the tradables side, which includes relatively volatile items such as food and fuel prices. Inflation is then forecast to fall to 2.6% in 2018, before settling at 2.2% in both 2019 and 2020 respectively.

Economists have previously warned the squeeze on households was being exacerbated by subdued wage growth. The rate came in line with expectations.

The figure - which was in line with expectations - should bolster expectations that the Bank of England will hike interest rates next month, though some have cautioned against such a move at a time of tepid economic growth.

This week, the GBP will be the center of attention watching important data from the United Kingdom in the form of inflation level and labor work numbers, wages, retail sales and comments on the monetary policy from the Bank of England.

Paul Hollingsworth, senior UK Economist at Capital Economics, said he expected inflation to be back below 3% by the end of this year.

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