Retail inflation rises to 3.36% in August, industrial production increases in July

Inflation jumps to 2.9pc as clothes and shoes get more expensive

Pound surges against the euro after inflation goes up to 2.9% putting fresh pressure on household finances

Britain's annual inflation rate accelerated in August, mainly on rising prices for motor fuels and clothing, official data showed on Tuesday, sending the pound to a year-high versus the dollar.

In fact the difference in outlook between the bank and investors is becoming pronounced - despite the Bank's repeated warnings about needing to raise rates sooner and faster than markets expect, markets are pricing in that they will stay at their current 0.25% level until the end of 2018, and not rise above 0.5% until 2021.

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Wholesale prices are expected to rise 3 per cent in August from a year ago, from 1.88 per cent in July, according to the Reuters poll. "The main risk points one needs to watch out for inflation projections going ahead are largely fuel and commodity prices.".

A statement from the ONS said: "The depreciation of sterling seen in 2016 and particularly following the outcome of the European Union referendum would increase the prices producers pay for imported goods". Retaining its neutral stance, RBI pinned future action on data, saying that wanted more confidence that inflation would move "close to 4 per cent on a durable basis".

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In July, inflation remained at 2.6%, the level it had reached in June, with some economists suggesting it had "topped out". "All in all, I see more deflationary forces than inflationary in the world economy at present".

The August inflation number is the highest since March 2017, when it was recorded at 3.89 per cent. And on Thursday we have the latest monetary policy update from the Bank of England.

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The inflation for housing increased to 5.58%, while that for miscellaneous items was higher at 3.85% in August 2017. Global inflation is running below expectations and there is a low inflation phenomenon that has immersed the global economy.

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