Carney Steels for Inflation Test as Prices Jump Most Since 2014
- U.K. inflation rate almost doubles in September to 1%
- Economists forecast a BOE cut in November to just 0.1%
The Challenges of Rising Inflation and Falling Sterling
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Mark Carney’s tolerance for faster inflation could be tested sooner rather than later.
U.K. consumer-price growth accelerated more than economists forecast last month, reaching 1 percent for the first time since November 2014 and almost doubling August’s 0.6 percent annual rate. While that’s still just half the Bank of England’s target, the pound’s dramatic slide since the U.K. voted to leave the European Union is promising to fuel a rapid pickup.