Bank of England expected to leave interest rates on hold on Thursday despite inflation hitting 3.1% – business live

Rolling coverage of the latest economic and financial newsWorryingly, the cost of goods produced by UK factories rose at a faster rate in August too. Producer output prices – or the cost of goods at the ‘factory gate’ - rose by 3.7% in the year to August, up from 3.3% in July. “Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.”