Posted 10/18/2023, 10:35:00 AM
UK Inflation Sticks at 6.7% Despite Forecasts of Fall, Challenging Sunak's Pledge to Halve Rate by Year's End
- Inflation unchanged at 6.7% in September, defying forecasts of a fall and casting doubt over Sunak's pledge to halve it by end of year
- Rise in petrol prices from increased oil output offset fall in food prices, keeping inflation steady
- Food prices still vulnerable to outside forces as UK relies heavily on imports
- Services inflation climbed to 6.9% in September, worrying sign as it tends to be more persistent
- Interest rates may have to rise again in 2023 if inflation remains sticky, jeopardizing Sunak's wider economic goals