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UK inflation will hit us

RISING inflation in the UK is likely to have a knock-on effect on the Irish economy.

The UK suffered the biggest rise in utility bills in two years and record hikes in clothing and furniture prices.

Massive inflation in the UK is likely to push up prices here because so many retailers still source their goods in the UK.

The Office for National Statistics said consumer prices in our largest trading partner rose 0.6pc last month, taking the annual inflation rate up to 4.5pc from 4.4pc in July, in line with analysts' expectations.