Reported 2 months ago
UK inflation has risen to 2.3% in October, surpassing the Bank of England's 2% target, driven primarily by increased energy bills after a price cap increase. The Office for National Statistics reported that consumer prices index rose from 1.7% in September. The average household energy bill saw a £149 increase, along with a notable surge in airfares. Analysts predict that this rise in inflation might hinder future interest rate cuts by the Bank of England as economic conditions remain challenging for families.
Source: YAHOO