Food and transport costs help push inflation to five-year high

Inflation hits five year high of 3

On a month-on-month basis, the Headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97percent recorded in August.

United Kingdom average weekly earnings in the three months to August grew 2.2% compared to the same period past year, which was the same as had the three months to July, which the Office for National Statistics revised up from its initial estimate of 2.1%. Noteworthy, m/m inflation rate, on average in Q3-17 (0.99%), was 3 bps lower than the average rate reported in the same period of 2016. Inflation is set to rise above 3 percent in the next month or two, the Bank of England warned Tuesday, with expectations that interest rates might soon rise for the first time in a decade.

The CPI which measured inflation, increased by 15.98 per cent (year-on-year) in September 2017.

This is higher than both the latest wage inflation figures of 2.1%, and the 2.5% underpin used to determine how much the state pension rises by each year under the triple lock guarantee.

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About 90 percent of Napa's grape harvest had been picked and escaped exposure to smoke that could have tainted the fruit. The group's spokeswoman, Patsy McGaughy, said the 2017 Napa vintage would likely be smaller than previously expected.

The Fed's preferred inflation measure, the personal consumption expenditures price index, has consistently missed the central bank's 2% inflation target since mid-2012.

Another report from ONS showed that output price inflation slowed slightly to 3.3 percent, as expected, from 3.4 percent in August. This implies the inflation is imported.

Inflation rate has dropped to 15.98 per cent in September from the 16.01 per cent recorded in August 2017. Discounting the risk of negative surprises, specifically with regards foreign exchange, and the possible increase in electricity tariff, we believe core inflation rate will remain relatively benign over October. Our position is consistent with a recent report by FEWS NET which confirms that the main agricultural season is progressing favorably in most parts of the country, with many poor households consuming own food stocks and are facing minimal acute food insecurity.

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