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Credit card charges: UK inflation remains at 3.1%

UK inflation for September remained unchanged from its August level but still well above the Bank of England's (BoE) target rate, according to official data.

The Office for National Statistics (ONS) has revealed that the Consumer Prices Index (CPI) for last month stood at 3.1 per cent - 1.1 per cent higher than the bank's own target.

Despite a drop in the price of air fares and petrol, the rising costs for clothing, footwear, food and drinks helped keep inflation levels high.

However, the majority of economists claim the stubbornly high rate of inflation is unlikely to lead to an increase in interest rates.

"CPI inflation data [for September] is unlikely to trigger a reaction from the BoE in terms of monetary policy," said Credit Agricole CIB analyst Slavena Nazarova.

"Today's inflation data remains consistent with its central-case view of a protracted near-term period of above-target inflation due to temporary factors."

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800112451-ADNFCR



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