UK inflation remains at 6.7% in September
By Michele Maatouk
Date: Wednesday 18 Oct 2023
(Sharecast News) - UK inflation remained unchanged in September after three consecutive months of declines, according to figures released on Wednesday by the Office for National Statistics.
Consumer price inflation stuck at 6.7%, versus consensus expectations for it to ease to 6.6%.
Core CPI - which strips out energy, food, alcohol and tobacco - rose 6.1% in the 12 months to September. This was down from 6.2% a month earlier but a touch higher than expectations of 6.0%.
ONS chief economist Grant Fitzner said: "After last month's fall, annual inflation was unchanged in September.
"Food and non-alcoholic drinks prices eased again across a range of items with the cost of household appliances and air fares also falling this month.
"These were offset by rising prices for motor fuels and the cost of hotel stays."
Jake Finney, economist at PwC, said: "These latest inflation numbers are marginally higher than expected.
"However, crucially they remain materially below the Bank's expectations in August. For this reason, it still seems likely that the Bank's near-term projections will be downgraded in November, which should be enough to keep rates on hold again."
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