UK Inflation Highest Since 2012

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Consumer prices last month were 3.0 per cent higher than a year ago, the Office for National Statistics (ONS) said, matching economists' average expectation in a Reuters poll and marking the fastest rise since April 2012. Last month the BoE said it expected inflation to exceed 3 per cent in October, higher than it had forecast just a month before, when it predicted it would take more than three years for inflation to return to its 2 per cent target. The food inflationary pressure is consistent with a reported 16.12% y/y increase in the average prices reportedly paid by households across various rural and urban markets and informal arrangements, according to the NBS Selected Food Price Watch for the month.

The jump in CPI leaves Bank of England Governor Mark Carney on the brink of having to write a letter to Chancellor Philip Hammond explaining why inflation is rising so rapidly.

In the report released on Tuesday in Abuja, the bureau explained that the drop in the nation's inflation rate in September was the eighth consecutive month that the index would be declining since January this year.

United Kingdom average weekly earnings in the three months to August grew 2.2% compared to the same period past year, which was the same as had the three months to July, which the Office for National Statistics revised up from its initial estimate of 2.1%.

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"On a month-on-month basis, the Headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97per cent recorded in August". Inflation rose to 3 percent in September from 2.9 percent in August. Prices in London alone rose 2.6 per cent.

The Consumer Price Index, including owner-occupiers' housing costs (CPIH), was 2.8% in September, up from 2.7% in August.

Food inflation increased at a faster rate of 20.32% y/y in September, after increasing at a slower rate (20.25%) in August, bringing year-to-date increase in the segment to 16.7% - compared to 13.9% in the same period last year.

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