UK Annual Inflation Rate At 3.1% In September

The UK's Consumer Prices Index (CPI) climbed 3.1% in annual terms in September, down from 3.2% a month ago, said the country's Office for National Statistics on Wednesday.

Higher prices for transport were the main driver behind the main reading, followed by the hospitality sector (restaurants and hotels), and furniture, household equipment, and routine maintenance.

On a monthly basis, the CPI climbed 0.3% in September.

Bank of England Governor Andrew Bailey said on Monday that the bank will "have to act" to curb rising inflation, signaling a possible interest rate hike.

Last month the BoE projected that inflation will rise temporarily in the near term, to 4% in the last quarter of 2021, owing largely to higher energy and food prices. -