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UK inflation rises to 1%, highest in 2 years
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IANS | 19 Oct, 2016
The UK's inflation rate rose in
to one per cent, its highest level for almost two years, the Office for
National Statistics (ONS) said on Tuesday.
According to the ONS,
a rise in the price of clothing, services and fuel brought the UK's
consumer price index (CPI) up to one per cent, its highest level since
November 2014, but remained low in relation to historic levels, Efe news
reported.
"CPI inflation has risen to its highest for nearly two
years, though it remains low by historic standards," said Mike
Prestwood, head of inflation at the ONS.
The rise surpassed
analysts' predictions that inflation rates in September would stand at
0.9 per cent, up from 0.6 per cent in the previous month.
The ONS
said in a statement that there was no indication that the rise in
inflation was caused by the slump in the value of the British pound
sterling, which has taken a severe blow since the UK's June 23 vote to
leave the European Union (EU).
The British currency fell some 20 per cent against the US dollar in the wake of the historic referendum result.
Global
markets have been reacting nervously to indications from the UK
Parliament that the country could opt for the path of a "hard" Brexit.
This would see the government trade in its access to the EU single market for full autonomy on its immigration policy.
As
it stands, the UK's access to the common market works in combination
with the EU principle for freedom of movement of workers within the
bloc.
Opposition to immigration was a key driving factor behind the campaign to leave the EU on the run up to the referendum.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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