Published:  12:25 AM, 15 November 2017

British inflation steady at 5-year high in October


Britain's annual inflation rate steadied at a five-year high of 3.0 percent in October as rising food prices offset falling motor fuel costs, official data showed Tuesday.The Consumer Prices Index 12-month rate was unchanged from the level in September, the Office for National Statistics said in a statement. Analysts' consensus forecast had been for a slight rise in CPI to 3.1 percent.

Inflation has soared this year as a Brexit-hit pound ramped up import costs, which led the Bank of England to raise its key interest rate for the first time in a decade at a meeting earlier this month. The BoE tightened borrowing costs to 0.50 percent from a record-low of 0.25 percent, with Britain's inflation far above the central bank's 2.0-percent target rate.

-AFP, London

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