UK posts the biggest jump in annual inflation on record

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LONDON (AP) — The U.K. posted the biggest jump in annual inflation on record last month as global supply shortages and rising wages magnified the scale of price increases after pandemic-related discounts a year ago. The Office for National Statistics says consumer price inflation accelerated to 3.2% in the 12 months through August from 2% the previous month. Economists had forecast an inflation rate of 2.9%. The unexpected jump in prices may mean that inflation will peak at a higher level and will remain elevated for a longer period than previously expected, according to economists at Berenberg Bank. That would increase pressure on the Bank of England to boost interest rates as it targets 2% inflation.

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