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The statistics office has revised upward unit labour costs – the cost of employment per person for businesses – from 1.6% to 2.4% for the first half of 2017.

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, Simon Ward, a UK economist at Janus Henderson who spotted the ONS’s error, pointed out that "domestic cost pressures are significantly stronger than the monetary policy committee assumed in the August Inflation Report", thereby "support[ing] the case for a November rate rise".

Likewise, Jason Hollands of Tilney Bestinvest notes that the increase in labour unit costs "will likely further cement the case for a rate rise next month".

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The UK’s Office of National Statistics has revised upward its estimation of employment costs, following a discovery in their original data release on Friday (6 October).

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