# Macro & Fed News, Oct 23, 2026: UK inflation climbs to 3.5% in September, cementing Bank of England hike bets

> UK consumer prices rose 3.5% in the year to September, up from 3.1% in August and above forecasts, as Iran-war fuel costs bit. Markets now nearly fully…

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- **Updated:** 2026-10-23
- **Category:** news
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## Key data

- **Desk:** Macro & Fed
- **Date:** Fri, Oct 23, 2026
- **Stories:** 4
- **Outlets cited:** 4
- **Items screened:** 5
- **Freshness:** last 48h

UK consumer prices rose 3.5% in the year to September, up from 3.1% in August and above forecasts, as Iran-war fuel costs bit. Markets now nearly fully price a November Bank of England hike. ## UK inflation hits 3.5%, highest in almost a year, on fuel costs The Office for National Statistics reported on Oct. 21, 2026 that UK consumer prices rose 3.5% in the year to September, from 3.1% in August. Economists polled by Reuters had expected 3.4%. It is the highest reading since October 2025 and sits well above the Bank of England's …

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## Sources

1. [Pound gains against dollar, euro as inflation data cements future rate hike bets](https://www.kitco.com/news/off-the-wire/2026-10-21/pound-gains-against-dollar-euro-inflation-data-cements-future-rate)
2. [UK inflation rise to highest in almost a year as Iran war drives fuel prices higher](https://www.greenwichtime.com/business/article/uk-inflation-rise-to-highest-in-almost-a-year-as-22486857.php)
3. [UK inflation picks up pace, topping forecasts in September](https://www.cnbc.com/video/2026/10/21/uk-inflation-picks-up-pace-topping-forecasts-in-september.html)
4. [Japan core inflation in September surges to its highest this year at 2.1%](https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html)
5. [The Fed Is Raising Rates Again: Here's What It Means for Savers | Banking Advice](https://www.usnews.com/banking/articles/how-the-federal-reserve-impacts-savings-rates)

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