LONDON - Britain’s inflation rate unexpectedly overshot the Bank of England’s 2% target on Wednesday, raising the cost of living even before sterling’s slide has had much chance to feed into consumer prices.
Earlier this month the BoE predicted consumer price inflation would fall to a three-year low below 1.6% in the final quarter of this year, reflecting lower oil prices and government caps on household energy bills. There was little immediate market reaction to the data, with analysts more focused on the government’s Brexit policy.
The BoE says underlying inflation pressures mean it is still likely to need to raise interest rates over the medium term, assuming Britain avoids major disruption on Oct. 31 and the global economy recovers.
supermarkets have hiked some prices by more than 50%
Food prices increased? Less crops, less offer, high demand = higher food prices.
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