Inflation in UK unchanged at 6.7% in September, still way more than Bank of England's target of 2%
Inflation in the U.K. held steady at 6.7% in September as easing food and drink price rises were offset by higher fuel costs for motorists LONDON -- I NFL ation in the U.K. held steady at 6.7% in September as easing food and drink price rises were offset by higher Pet rol and diesel prices for motorists, official figures showed Wednesday. The flat reading reported by the Office for National Statistics was unexpected. Most economists had predicted another fall. It means that the U.K.'s inflation rate remains more than three times higher than the Bank of England's target rate of 2%. The bank, though, is not expected to raise interest rates at its next policy meeting, opting instead to keep its main borrowing rate unchanged at the 15-year high of 5.25%. The flat reading will raise concerns, certainly among homeowners, that rates will stay higher for longer. Last month, the bank brought an end to nearly two years of interest rate rises as i NFL ation fell from multi-decade highs ab