UK inflation rose to 3.5% in the 12 months to September, surpassing economists’ forecasts of 3.4%. The increase was driven by surging motor fuel costs, which jumped 29.8% year-over-year. This marks the highest annual inflation figure in a year, continuing an upward trend that began in July. Markets are now pricing in a 98% chance that the Bank of England raises its key interest rate to 4% next month, with another hike of the same size expected at its final meeting of the year in December.
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