Latest data released by ONS - 15 September 2021
- Prior +2.0%
- Core CPI +3.1% vs +2.9% y/y expected
- Prior +1.9%
That's quite the jump on UK consumer inflation, beating estimates to its highest since March 2012. This will continue to heap pressure on the BOE to move away from their 'transitory' narrative and perhaps tighten policy sooner rather than later.
Just keep in mind though, that base effects are also at play here with the annual reading jump exacerbated by the "eat out to help out" scheme in the summer last year, which put considerable downwards pressure on prices in general.
