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East Midlands Chamber News

UK inflation at highest since April 2012

The UK's key inflation rate hit its highest for more than five years in September, driven up by increases in transport and food prices.

The Consumer Prices Index (CPI) climbed to 3%, a level it last reached in April 2012, and up from 2.9% in August.

The pick-up in inflation raises the likelihood of an increase in interest rates - currently 0.25% - next month.

It will also cause a rise in business rates next year of 3.9%, the BBC reported.