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UK inflation jump puts Bank of England back in spotlight on rates

Reuters  |  LONDON 

By William Schomberg and Alistair SmoutLONDON (Reuters) - British inflation hit its joint highest level in more than five years in August, complicating the Bank of England's job this week of explaining why it is not raising interest rates.The fall in the value of the pound since last year's vote to leave the European Union helped drive the biggest rise in clothing prices since the consumer price index was launched in 1997 and rising global oil costs also had an impact.Consumer prices overall increased by 2.9 percent compared with a year earlier, the Office for National Statistics said, up ...

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First Published: Tue, September 12 2017. 17:09 IST