UK inflation set to hit five-year high, raising heat on interest rates

Experts predict figure of 3% for September, adding to pressure on Bank of England to hike rates for first time in decade

UK inflation is expected to hit a five-year high this week, outstripping growth in pay packets and putting renewed pressure on the Bank of England to raise interest rates.

City economists forecast that the consumer price index (CPI) will be shown to have risen to 3% in September, up from 2.9% a month earlier, its highest level since 2012.

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