Soaring petrol and diesel prices drive UK inflation to 3.5%, its highest in almost a year, ahead of the Budget
Petrol rose 8.2p a litre to 169.5p in a single month, while diesel climbed to 192.5p. Economists had forecast 3.4%, and September's rate is the one typically used to set benefit rises. Chancellor John Healey blamed conflicts in the Middle East and Europe for the price surge. He has promised families 'breathing space' when he delivers his Budget on 28 October.
ONS chief economist Grant Fitzner pointed out that diesel prices have not reached this level since July 2022.
Schroders' David Rees warned of 'a perfect storm' that could push inflation towards 4%.
Iran's effective closure of the Strait of Hormuz has kept Brent crude near $110 a barrel.
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Daily MailCPI accelerates to 3.5% - what happens next?The IndependentInflation rate up to 3.5% as fuel prices surge amid Middle East conflictBBC News - BusinessSurging fuel prices push UK inflation rate to 3.5% ahead of BudgetDaily MailInflation hits 3.5% as rising cost of fuel sends prices soaringEvening StandardUK inflation jumps to highest rate in almost a year after fuel prices climbLBCUK inflation accelerates to 3.5% in September after fuel surgeThe GuardianUK inflation rises by more than expected to 3.5% as war drives up fuel pricesGB NewsUK inflation rise to highest level in 11 months in fresh blow to John Healey ahead of BudgetThe IndependentUK inflation rate rises to 3.5 per cent after fuel surgeEvening StandardInflation jumps to near-year high of 3.5% in pre-Budget blow to ChancellorCity A.M.Inflation leaps above expectations to 3.5 per centReutersUK inflation jumps to highest in nearly a year at 3.5%
