Petrol Prices Push Inflation Up
Inflation has been pushed up to a four month high due to higher petrol prices.
The Office for National Statistics reported this morning that inflation rose to an annual rate of 3.2 percent on October. Most economists had predicted the rate would remain at 3.1 percent.
Higher petrol prices are seen as the main factor driving up the rate, as well as a big increase in the price of computer games.
The price of petrol rose by 2.1 p a litre between September and October.
Governor of the Bank of England Merv King said: The outlook for inflation remains highly uncertain, with substantial risks in both directions. The near-term strength in inflation may be more pronounced if the prices of commodity and other imported goods and services increase further … But if the weakness in wage growth continues, once the temporary effects of VAT increases and higher import prices wane, then inflation could move significantly below the target.”
In spite of higher than expected levels of inflation, most analysts think that interest rates will not rise in the foreseeable future.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
