Tuesday, 14 November 2017

Price of food rising - but inflation steady at 3% in October

The rate of inflation remained static at 3% in October - defying expectations of a rise among economists and policymakers at the Bank of England.
The Office for National Statistics (ONS) said rising food prices were largely offset by falling fuel costs last month.

Forecasters had predicted an increase to at least 3.1% - a scenario that would have forced the Bank's governor to write to the Chancellor to explain why the Consumer Prices Index measure had exceeded 3%.

The Bank's inflation target is 2%. It raised interest rates earlier this month to help tackle inflation in its belief the figure was to hit 3.2% in October.

SKY          News.