Global pressures push inflation risks higher, Bank of England official says

The Bank of England says the outlook for global inflation has shifted toward higher-than-expected risks, with energy prices, strained supplies of AI-related microchips and the anticipated 2026-27 El Niño weather pattern among the main pressures. The factors could raise fuel, manufacturing and food costs for households and businesses.

UK consumer-price inflation stood at 2.6% in September, above the bank’s 2% target. Wage growth has moderated and some post-pandemic price pressures have eased, but officials expect higher import costs to keep inflation risks tilted upward while broader wage and price effects remain moderate for now.

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