According to CoinMeta, rising oil prices have pushed the UK inflation rate to 3.5%, higher than the 3% predicted by the Bank of England in July. Market analyst Jonathan Lending stated that traders have almost fully factored in the expectation of an interest rate hike by the Bank of England tonight, and a single interest rate hike may not have a significant impact on the pound. Affected by the Iran war, fuel prices have risen by nearly 30% in one year, which is the main factor driving up inflation. The Bank of England indicated in September that the inflation rate could be slightly above 4% at the beginning of 2027. Raising interest rates will not lower oil prices, and the central bank hopes to avoid a second-round effect where workers demand higher wages and companies raise product prices.