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UK inflation holds steady at 3%

UK inflation holds steady at 3%
From BBC - November 14, 2017

The UK's key inflation rate remained steady at a five-and-a-half-year high of 3% in October, according to official figures.

Falls in fuel prices were offset by higher food costs, in particular those for potato crisps, the Office for National Statistics (ONS) said.

The Consumer Prices Index (CPI) had been expected to rise, with the Bank of England forecasting it would peak at 3.2% this autumn.

The government's target for CPI is 2%.

If the CPI inflation rate had risen above 3%, Bank of England governor Mark Carney would have had to write to the chancellor explaining why it was so far above target.

The ONS said the inflation rate for food and non-alcoholic drinks was 4.1% last month, its highest since September 2013.

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