Inflation exceeds target again, hitting 16-year high at 4.7 per cent
Updated on 16 September 2008
Inflation hits a 16-year high of 4.7 per cent, above the Bank of England's target for the third month in a row.
Higher energy prices and food bills have bee blamed for the rise from 4.4 per cent in July.
The bank's governor, Mervyn King, said inflation should peak soon at around 5 per cent, as he tried to explain the rate rise in a letter to the chancellor.
The retail price index, which includes housing costs, came down slightly.
