All the day’s economic and financial news, including the latest UK inflation report and Mark Carney’s appearance before MPs
- Introduction: UK CPI could rise to 3% today
- Prices are rising faster than wages
- Petrol, air fares and utility bills could push inflation up
Two years ago, CPI inflation was actually negative, at -0.1%.
That was partly to falling oil prices, which delivered cheaper petrol, and price wars between UK supermarkets.
Higher petrol prices and utility bills probably drove UK inflation up in September.
Airline ticket prices could also push the consumer prices index up to 3%. That’s partly Ryanair’s fault; customers scrambled to buy new flights after it cancelled thousands of trips last month.