Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK inflation surges to a fresh 40-year high in October, although the upside was capped by the government's introduction of a cap on energy costs from the start of Q3, according to data released by the Office for National Statistics on Wednesday.
Prices rose 11.1% year-on-year, the highest for CPI since an 11.2% read in October 1981. CPI has now risen for 15 consecutive months. A spokesperson for the ONS said inflation would have risen to 13.8% without the intervention on energy prices. Core inflation was unchanged on September at 6.5%, leaving the gap with headline at a series high 4.6%.
The increase leaves headline inflation far above the Bank of England's 2% target and Bank of England Governor and other members of the Monetary Policy Committee will face a grilling from legislators later Wednesday when the Treasury Select Committee gathers.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.