UK inflation unexpectedly held steady at 3.8 per cent in September, sparking a rally in gilts as traders bet the Bank of England will cut interest rates again this year to boost lacklustre economic growth.
Wednesday’s figure from the Office for National Statistics was below the 4 per cent expected by the BoE and economists polled by Reuters. Lower prices for food and non-alcoholic beverages constrained September’s reading, the ONS said.
The data was released as the BoE’s Monetary Policy Committee attempts to bring inflation back towards its 2 per cent target without choking off growth. In August, the BoE forecast that inflation would peak at 4 per cent in September.
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