UK CPI Growth Rate at 4.5%

It's going to be a near global inflation.

The UK  Consumer Prices Index  climbed at an annualized rate of 4.5 per cent in August, according to the Office for National Statistics.

The ONS said the main upward drivers of prices were clothing, fuels and lubricants, furniture and household goods and domestic heating.

The Bank of England's target inflation rate is 2 per cent, but Bank of England governor Mervyn King and the Monetary Policy Committee have remained reluctant to raise interest rates.