UK inflation reached 3.5% in September, up from 3.1% in August, exceeding the 3.4% expected by economists and the Bank of England’s 2% target rate. Motor fuel prices surged 30% over the year, driven by the war with Iran and the resulting bottlenecks in the Strait of Hormuz. Treasury chief John Healey said next week’s budget will seek to give businesses and families “some breathing space” amid rising living costs. Economists expect the Bank of England to raise its policy rate to 4% at its meeting on November 5, after holding it at 3.75% last month.
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