Inflation has jumped from 1.7 per cent to 2.3 per cent in its sharpest increase for two years.
UK inflation has risen to its highest level since April driven by an increase in household energy bills, according to official figures. The Office for National Statistics said Consumer Prices Index inflation rose to 2.3 per cent for October, from 1.7 per cent in the previous month and is the sharpest month-on-month increase in the rate of inflation for two years.
ONS chief economist Grant Fitzner said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year. These were partially offset by falls in recreation and culture, including live music and theatre ticket price. The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices.
Latest Personal Finance News Monica George Michail, associate economist at NIESR said: “We forecast annual headline inflation to rise further towards the end of the year as base effects drop out. While we think the Bank of England will continue to cut rates in 2025, the pace of rate cuts is expected to be slower than previously anticipated, and rates may stay elevated for longer.”
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