Inflation spikes haunt U.K and eurozone in September
<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Inflation-spikes-haunt-U.K-and-eurozone-in-September-5100391223iStock-1312550959.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">In the U.S., however, initial data for the Federal Reserve showed a 3.8% spike in unemployment, with 110,000 fewer jobs created in August in comparison to June and July, despite the U.S. boasting increased job growth and market economy.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">Alongside Hunt’s announcement, the inflation rate in the eurozone remained at a steady 5.3% average for August, with energy inflation seeing a resurgence due to rising fuel prices. Similarly, the rate of rising inflation shows that the underlying factors for a constant increase have not been tackled – namely, fuel prices, lack of job opportunities and interest hikes.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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<p><span data-contrast="auto">Additionally, the Bank of England (BoE) also considers headline inflation and underlying inflation inextricably linked. Speaking at a conference hosted by the South African Reserve Bank in Cape Town, Chief Economist for BoE Huw Pill stated: </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">We are yet to see the downturn in core inflation, the downturn in services price inflation that we need to see, to be reassured that we’re going to get back to target in a timely manner.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="auto">Pill indicated that the BoE should be cautious of its own persistent intervention surrounding inflation. Since December 2021, the BoE has raised rates 14 times, with a predicted peak of 5.75% by the close of 2023. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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