Business News Asia
The U.K. Office for National Statistics reports that the consumer price index (CPI) rose 10.1% in September from a year earlier as food and energy prices continued to rise.
Inflation figures in the U.K. are rising, while the high cost of living continues to weigh on households and businesses ahead of the winter season. In August, inflation in the U.K. fell to 9.9% after a drop in fuel prices from 10.1% in July.
Inflation data released today will influence the Bank of England’s (BoE) near-term policy, as the BoE plans to sell some U.K. government bonds starting Nov. 1.
On Monday, the new U.K. finance minister Jeremy Hunt decided to cancel most of the tax cuts announced by former finance minister Kwazi Kwarteng.