UK: Inflation Rate Rises to 3.1% Due to Ongoing Effects of Middle East War
The UK Office for National Statistics raised inflation forecasts to 3.1%, with Chancellor John Hiley linking this to the impact of the Middle East war on energy prices.
Translated by Qiyas from كونا — Original source
London, September 16 (KUNA) -- Official data showed today that the inflation rate, as measured by the consumer price index in the UK, rose to 3.1 percent last month, marking its highest level since March. The data, cited in a report by the UK Office for National Statistics, attributed the rise in inflation to ongoing pressures on oil prices, particularly for both types of car fuel, which increased by an average of 9.1 pence per liter between July and August compared to a rise of just 0.3 pence in the same period last year. It noted that higher energy prices generally pushed transport cost inflation from 3.6 percent to 4.6 percent on a monthly basis, representing the largest monthly jump recorded in major consumer sectors. The report pointed out that food and health service prices remained stable at 1.3 percent and 3.7 percent, respectively, while household service costs rose by 0.2 percent and communications by 0.3 percent on a monthly basis. Conversely, clothing prices fell by 0.3 percent last month, and prices for furniture and household goods declined by 0.2 percent. Commenting on the report, UK Chancellor of the Exchequer John Hiley affirmed that the war in the Middle East continues to directly affect global inflation rates, although the British economy shows resilience in dealing with these developments. Hiley noted in a press statement that the government has taken early measures to help households and businesses, including cutting taxes on electricity bills, capping bus transport costs at two pounds sterling, and reducing fees levied on social clubs and concert venues. He considered that despite the “serious” global uncertainty, the British economy demonstrates its ability to absorb some shocks, with the government preparing additional measures to ensure the achievement of desired economic growth. Meanwhile, financial markets are awaiting the meeting of the Monetary Policy Committee of the Bank of England and the release of its regular report tomorrow, Thursday, which will announce the interest rate. (End) M.R.N. / M.Kh.
