(MENAFN) The UK's inflation rate reached its highest since 2012 last month, stimulated by raises in transportation and food prices.
The Consumer Price Index jumped to 3% for the first time ever since April 2012, and up from 2.9% two months ago.
The drop in the pound since 2016's Brexit vote has been one of the reasons for the increase in the inflation rate, as the prices of imported products has increased.
Amid weak economic growth figures and ambiguity over the Brexit process, the Bank of England's decision on whether to raise interest rates in November is finely balanced.
MENAFN1710201700450000ID1095956587
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.