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Annual inflation in the UK climbed back above 10% in September, figures on Wednesday showed, paving the way for more sizeable interest rate hikes by the Bank of England.
The consumer price index rose by 10.1% in September from a year before, according to the Office for National Statistics. The inflation rate picked up from 9.9% in August and returned to the same rate as recorded in July.
The latest figure came in marginally hotter-than-expected, with a reading of 10% expected, according to FXStreet.
On a monthly basis, consumer prices grew by 0.5% in September from August. They had also risen 0.5% on-month in August.
The annual core inflation, so excluding food, energy, alcohol and tobacco, accelerated to 6.5% in September, from 6.3% in August. The rate was ahead of FXStreet cited consensus of 6.4%.
Factory gate inflation ebbed slightly, meanwhile.
Output producer prices rose 15.9% yearly in September, slowing from 16.4% growth in August. They rose 0.2% from August.
"Crude oil and petroleum products provided the largest downward contributions to the change in the annual rates of input and output inflation, respectively," the ONS said.
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