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Evening Standard
Evening Standard
Business
Jonathan Prynn and Simon English

Sticky inflation and oil price surge dims hopes for interest rate cuts

Fears that interest rates will have to “stay higher for longer” were stoked again today as the official rate of inflation unexpectedly stayed stuck at 6.7% and oil prices surged on the latest tragedy in Gaza. 

Higher fuel and hotel prices kept the Consumer Prices Index unchanged in September, confounding City forecasts of a further small reduction on its long journey back towards the 2% target. 

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