Inflation Rises to 4.7%

Increases in household bills, such as gas and electricity, has sent inflation up to 4.7% last month. This has seen an increase from 4.4% in August, which shows a higher-than-expected jump in inflation rates.

Bank of England Governor, Mervyn King has warned that inflation could reach 5% before it starts to dwindle. The reasons are being blamed on the rises in food and energy prices, which has pushed inflation rates much higher than the 2% target.