U.K. inflation reached 3 percent for the first time in more than five years in September, taking the economy closer to what one Bank of England official described as a “tipping point” for policy.
Consumer prices, boosted by the cost of food and transport, climbed at the fastest annual pace since April 2012. That intensifies the squeeze on British households and may embolden BOE policy makers to raise interest rates for the first time in over a decade next month.
