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Inflation steady at 3% despite food cost rise

Inflation steady at 3% despite food cost rise

Business
The rate of inflation remained static at 3% in October - defying expectations of a rise among economists and policymakers at the Bank of England.The Office for National Statistics (ONS) said rising food prices were largely offset by falling fuel costs last month.Forecasters had predicted an increase to at least 3.1% - a scenario that would have forced the Bank's governor to write to the Chancellor to explain why the Consumer Prices Index measure had exceeded 3%.Its inflation target is 2%. The Bank raised interest rates earlier this month to help tackle inflation in its belief the figure was to hit 3.2% in October.The ONS figures are likely to reinforce doubts among some economists on the wisdom of that rate hike, which has forced up many families' borrowing costs at a time when their spen...
First CO2 rise in four years puts pressure on Paris targets

First CO2 rise in four years puts pressure on Paris targets

Science
Global emissions of CO2 in 2017 are projected to rise for the first time in four years, dashing hopes that a peak might soon be reached. The main cause of the expected growth has been greater use of coal in China as its economy expanded. Researchers are uncertain if the rise in emissions is a one-off or the start of a new period of CO2 build-up.Scientists say that a global peak in CO2 before 2020 is needed to limit dangerous global warming this century.The Global Carbon Project has been analysing and reporting on the scale of emissions of CO2 since 2006. Carbon output has grown by about 3% per year in that period, but growth essentially declined or remained flat between 2014 and 2016.The latest figures indicate that in 2017, emissions of CO2 from all human activities grew by about 2% globa...
Nationwide cuts mortgage rates as BoE mulls rise

Nationwide cuts mortgage rates as BoE mulls rise

Business
Nationwide has revealed it is to offer reduced fixed rate mortgage deals from Tuesday, just days before the Bank of England is tipped to raise interest rates.The country's biggest building society said it was shaving up to 0.5% from its current fixed rate offerings to bolster its competitiveness.However, it admitted other customers faced the prospect of increases to their monthly payments as a rate hike would usually suggest.Nationwide said it wanted to provide some clarity to its members in anticipation of the possible rise in the cost of borrowing on Thursday, when the Bank's monetary policy committee (MPC) makes its next interest rate decision.Bank rate was cut to from 0.5% to 0.25% in August last year as policymakers judged the UK needed additional stimulus to prevent a possible stalli...
Growth figures raise chances of rate rise

Growth figures raise chances of rate rise

Business
Media playback is unsupported on your deviceThe UK's economy had higher than expected growth in the three months to September - increasing the chances of a rise in interest rates in November.Gross domestic product (GDP) for the quarter rose by 0.4%, compared with 0.3% in each of 2017's first two quarters, according to latest Office for National Statistics figures.Economists said the figures were a green light for a rate rise next week. If it happens, it will be the first rise since 5 July 2007.The financial markets are now indicating an 84% probability that rates will rise from their current record low of 0.25% when the Bank of England's Monetary Policy Committee (MPC) meets on 2 November.Governor Mark Carney indicated to the BBC last month that rates could rise in the "relatively near ter...
401(k) contribution limit will rise to $18,500 next year

401(k) contribution limit will rise to $18,500 next year

Finance
Planning young: a retirement roadmapYou'll be allowed to contribute an extra $ 500 to your 401(k) next year. The government will raise the contribution limit to $ 18,500 from $ 18,000 in 2018. It reassesses the limit annually. A 401(k) is a good way to save for retirement because your money grows tax-free. But there's a limit on how much you can save each year and when you can withdraw the funds. If your employer doesn't offer a 401(k), you can contribute to an IRA or Roth IRA to save for retirement. They have tax advantages and contribution limits, too. There's also a restriction on who can use a Roth IRA based on income. The limit on how much you can contribute to your IRA or Roth IRA will remain unchanged at $ 5,500 next year. But the income eligibility for a Roth IRA will rise. Here...