UK inflation jumps to 1%


The Office for National Statistics have shared that this rate is the largest monthly rise in the cost of living in more than two years.

The ONS said that the rising prices in clothing, overnight hotel stays and motor fuels are the main culprits for the cause of rise in rate.

Economists expected imports to be more expensive as a result of the weaker pound and their expectations for a 0.9 per cent inflation rise has been exceeded.

The ONS have said that there was “no explicit evidence” that the weaker pound following the Brexit vote had cause an increase price of everyday, consumer goods.

Since Britain left the European Union, against the US dollar, the pound has fallen nearly 20 per cent.

Mike Prestwood, ONS head of inflation, commented: “CPI inflation has risen to its highest for nearly two years, though it remains low by historic standards.”

However, the Retail Prices Index inflation, which includes housing costs, rose to 2 per cent in September, from August’s 1.8 per cent.