UK September Consumer Price Inflation Rate 10.1% 'Highest Since 1982'

[Photo by EPA Yonhap News]

[Asia Economy Reporter Park Byung-hee] The UK’s consumer price inflation rate in September (year-on-year) reached 10.1%, the highest since 1982, according to a report by The New York Times on the 19th (local time), citing data released by the UK Office for National Statistics.

The UK’s consumer price inflation rate first crossed the 10% mark among the Group of Seven (G7) countries in July, recording 10.1%. It slightly decreased to 9.9% in August but recovered to double digits again in September, matching the July level.

The September inflation rate slightly exceeded The Economist’s forecast of 10%.

Food prices rose by 14.5% in September, driving up the overall consumer price index.

The core consumer price inflation rate, which excludes the volatile energy and food items, rose to 6.5% in September from 6.3% in August, showing an accelerated upward trend.

As the UK’s inflation rate remains at a high level, the central bank, the Bank of England (BOE), is expected to tighten monetary policy once again at its policy meeting on the 3rd of next month. The BOE has raised the base interest rate seven consecutive times since December last year, including two recent consecutive big steps (0.5 percentage point hikes).

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