PREVIEW

Surging Fuel Prices Push UK Inflation To 3.5% Ahead Of Budget. UK inflation accelerated to 3.5% in September as sharp increases in petrol and diesel prices pushed up household costs. The Office for National Statistics said inflation rose from 3.1% in August to its highest level since October last year. Petrol prices increased by 8.2 pence per litre in a month to an average of 169.5 pence, while diesel reached 192.5 pence per litre. Overall motor fuel prices rose by almost 30% during the period covered by the figures, as conflicts in the Middle East and Europe continued to squeeze global oil supplies. The figures add to pressure on Chancellor John Healey ahead of his first Budget. Separate data showed UK government borrowing climbed to almost £25 billion in September, further complicating the chancellor's tax and spending decisions.
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