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UK inflation accelerated sharply to 2.3% in October

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UK inflation accelerated sharply to 2.3 per cent in October, as higher energy costs pushed price growth above the Bank of England’s target.

The annual consumer price index figure from the Office for National Statistics was up from 1.7 per cent in September and above the expectations of analysts surveyed by Reuters of 2.2 per cent.

Price pressures have been expected to rise after a 10 per cent increase last month in Britain’s energy price cap, which governs millions of households’ gas and electricity bills.

October’s inflation figure complicates the BoE’s deliberations over when to cut rates. The bank has repeatedly signalled it will pursue a “gradual” approach as it seeks to meet its 2 per cent inflation target.

Earlier this month, it cut borrowing costs by a quarter-point to 4.75 per cent but signalled that a further move was unlikely before 2025.

This is a developing story

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