Traders now put the chance of a Bank of England interest rate rise on 5 November at about 96%, according to FXStreet. That decision comes a week after the Chancellor, John Healey, delivers his Budget on 28 October.
FXStreet says the odds rose from about 93% before Wednesday's inflation figures to about 96% after them. A rise would take Bank Rate up from its current 3.75%. The same report says the odds of a second rise by December fell to about 48%, from 58%.
FXStreet also gives more detail from the September release. Citing the figures, it says:
- core CPI inflation rose to 2.8% from 2.6%
- prices rose 0.4% on the month, against a forecast of 0.3%
- producer output prices rose 0.8% on the month, a tenth of a point above forecast
It puts Brent crude near $109 a barrel, which it links to the war between the US and Iran, and says diesel is at its dearest since July 2022.
These market odds are FXStreet's reading and have not been independently checked.