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UK inflation proved unexpectedly stubborn in September, according to data from the Office for National Statistics on Wednesday.
The ONS said consumer prices rose 6.7% annually in September, matching the rate seen in August. Market forecasts, as cited by FXStreet, had expected the figure to cool to 6.5% last month.
‘Large downward effects from food and non-alcoholic beverages and furniture and household goods were largely offset by upward contributions from transport, and restaurants and hotels,’ the ONS explained.
On a monthly basis, prices ticked up 0.5% in September, which was ahead of forecasts of 0.4%. It was also higher than the 0.3% monthly rise seen in August.
Core consumer prices, which exclude energy, food, alcohol and tobacco, rose by 6.1% annually in September. This was cooler than the 6.2% rise in August, but higher than forecasts of 6.0%.
Separately, the ONS reported data for producer input prices.
On an annual basis, input prices fell 2.6% in September, after a revised 2.0% decline in August, which was first estimated at 2.3%.
‘While annual producer price inflation rates have recently turned negative, with prices in some sectors falling, the index levels for both input and output prices remain substantially higher than their 2021 levels,’ the ONS noted.
From the previous month, producer input prices edged up 0.4%, after rising 0.8% in August, which was revised upwards from 0.4%.
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