FTSE and pound rise as inflation jumps to 22-month high

The Office for National Statistics (ONS) reported the Consumer Price Index (CPI) jumped to 1% in September, the highest level since November 2014 and higher than estimates of a 0.9% rise. Upward pressures on the CPI came from rising prices for clothing, overnight hotel stays and motor fuels, said the ONS, although these were partially offset by a fall in air fares and food prices. Though the weakening of the pound since the Brexit vote has been blamed for increases in retail prices, the ONS added there is no "explicit evidence" the fall in sterling is pushing up consumer prices. Th...