The UK CPI report for September is the main highlight on the economic calendar today, with the release due at 0600 GMT. The inflation numbers will be heavily watched as it will have a lot to say about what comes next on the BOE outlook, even if traders are almost fully pricing in another 25 bps move in November.Here's what to expect from the report:Headline CPI: +3.4% y/y expected (Prior +3.1%)Core CPI: +2.8% y/y expected (Prior +2.6%)The estimates show that another pickup in inflation pressures is expected this time around. That's hardly good news for the BOE with price pressures already running well above its 2% target.Higher energy costs are expected to remain a key driver, but I would argue that the more important thing to watch today will be the underlying inflation details. In particular, how stubborn services prices will be once again. Any signs of broader price pressures taking hold will only make the BOE's balancing act more difficult.Looking at market pricing, traders are already pricing in roughly 96% odds of a 25 bps rate hike for 5 November next. As such, I reckon even a hotter inflation reading will do little to change expectations for the immediate decision. Instead, it could strengthen the case for further tightening beyond November. In that lieu, odds of a back-to-back move in December as well are seen at around 61% today. So, how that changes on a hotter-than-expected report will be the crucial point to be mindful of.On the flip side, a softer-than-expected report could be the more interesting outcome. It might not be enough to derail a November move entirely, but it could see traders pare back some of their more aggressive BOE rate expectations.Besides that, let's not forget that there is also the autumn budget on 28 October is just around the corner. That will also likely be another key consideration that the BOE has to take into account before their next meeting, aside from the inflation numbers today.For a more detailed breakdown of the inflation outlook, BOE rate expectations, and budget implications, check out the full UK CPI preview here. This article was written by Justin Low at investinglive.com.