Household squeeze as inflation hits highest level for five years

Inflation in the UK soars to maximums from 2012

"The price of food and some transport has helped raise inflation in September, and that its effects have been partly affected by lower price increases than previous year in garment sector", explained Mike Prestwood, director of inflation studies of National Center for Statistics.

United Kingdom retail sales fell more than expected last month, official figures confirmed on Thursday, further muddying the waters over whether the Bank of England will hike interest rates next month.

Inflation in the United Kingdom has risen to its highest level in five years, squeezing the spending power of households but giving a boost to pensioners who will enjoy an increase in their state income.

Non-food stores provided the greatest downward pressure following growth in August.

Retail sales are expected to make nearly no contribution to quarterly economic growth in the July-September period, government statisticians said.

United Kingdom retail sales dropped sharply in September, according to the latest figures from the Office for National Statistics, causing the pound to sink against other currencies. Excluding bonuses, average earnings were 2.1 percent higher. The BOE and most economists expect economic growth of around 0.3 percent.

Qualcomm achieves major milestone on the path to commercial 5G
The company carried out the test using its Snapdragon X50 5G modem and was performed on the 28GHz millimeter wave frequency band. This reference phone is 9mm thick and comes with a bezel-less design, keeping up with the current trend of most smartphones.

British retail sales fell more than expected in September, official data showed Thursday, against a backdrop of rising prices largely caused by a Brexit-hit pound.

There was also evidence of inflation in the IMRG Capgemini figures.

"Taking a longer term view the United Kingdom consumer has actually been relatively resilient to rising inflation and weak wage growth, and retail sales volumes are still ahead of where they were a year ago despite these headwinds".

"However, it is true that things remain challenging for the retail industry".

Electricals saw sales come in 5.6% lower during the month - the sixth consecutive month of negative growth that the sector has seen, and its first in September since the index began.

Howard Archer, chief economic advisor to the EY ITEM Club, agreed that the soft September retail sales data "casts further doubt" on whether the BoE will follow through on recent hawkish comments and deliver an interest rate hike to 0.50% on 2 November after the MPC meeting.

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