Sumary of UPDATE 2-UK inflation soars to 9-year high on rebound from restaurant discount scheme:
- LONDON, Sept 15 (Reuters) – British inflation hit a more than nine-year high last month after the biggest monthly jump in the annual rate in at least 24 years, largely due to a one-off boost reflecting the “Eat Out to Help Out” scheme that pushed down restaurant meal prices last year.
- Consumer prices rose by 3.2% in annual terms last month after a 2.0% rise in July, the highest rate since March 2012, the Office for National Statistics said.
- The 1.2 percentage point rise in the annual rate of inflation in the space of a month marked the sharpest such increase since detailed records started in 1997.A Reuters poll of economists had pointed to a reading of 2.9% for August.
- “Much of this (increase) is likely to be temporary as last year restaurant and café prices fell substantially due to the ‘Eat Out to Help Out’ scheme, while this year prices rose,” said ONS statistician Jonathan Athow.