Inflation at 4.7%

Recent figures have shown that inflation levels in the UK have soared even further out of control, rising from 4.4% to 4.7% for August. The government target for inflation is just 2% so the current rate of inflation is way beyond the target. The jump to 4.7% was higher than many industry officials had anticipated, according to recent reports. There is also speculation over how far inflation will keep on rising, with some senior officials predicting that it will hit 5% or beyond by the end of the year. Read more

Tags: increase, marked slowdown, October, inflation, Monetary Policy Committee, base rate