Inflation in the Uk has risen above its Bank of England target mainly due to higher energy bills
Figures released this morning put inflation at 2.3 per cent in October up from 1.7 per cent in the previous month
Consumer prices increased by 0.6% on a monthly basis, while the Consumer Prices Index, including owner-occupiers’ housing costs (CPIH), was up by 3.2% year-on-year and by 0.6% from the previous month.
The biggest contributors to the rise i from September to October came from housing and household service, predominantly due to electricity and gas prices, while the prices in recreation and culture offset the increase by having the biggest downward contribution in the reported period.
