Consumer price inflation accelerated to 3.2per cent in the 12 months through August from 2per cent the previous month
London: The U.K. posted the biggest jump in annual inflation on record last month as global supply shortages and rising wages magnified the scale of price increases after pandemic-related discounts a year ago. Consumer price inflation accelerated to 3.2per cent in the 12 months through August from 2per cent the previous month, the Office for National Statistics said Wednesday. Economists had forecast an inflation rate of 2.9per cent. The unexpected jump in prices may mean that inflation will peak at a higher level and will remain elevated for a longer period than previously expected, according to economists at Berenberg Bank.
