London 12 Sep (ANA) - The UK's inflation rate climbed to its joint highest level in more than five years in August as the price of petrol and clothing rose. UK inflation measured by the Consumer Prices Index rose to 2.9% in August, up from 2.6% in July, figures show. The fall in the value of sterling since the EU referendum continued to be the main impetus for rising prices, the Office for National Statistics said.But a rebound in the price of oil also had an impact, pushing up fuel prices. The bigger-than-expected rise in inflation comes ahead of the Bank of England's next announcement on interest rates on Thursday. However, economists said the Bank was still highly unlikely to raise rates at the meeting. According to the ONS, clothing and footwear prices had the biggest impact on the headline inflation rate in August. They climbed 4.6% year-on-year, their highest level since records began, partly because of rising import costs for retailers. Petrol also pushed the overall cost of living higher, increasing 1.8p a litre to 115.7p during the month, while diesel gained 2p to 117.6p. The TUC's general secretary, Frances O'Grady, said the "cost of living squeeze" was continuing, with rising inflation outpacing wages. "The government needs to get a grip and get pay rising across the economy," she said.(ANA)

FA/ANA/12 September 2017-----