Official announcement from the Bank of England

UK Inflation Hits 2.3% in October, Exceeding Bank's Target, as Energy Prices Rise

Nov 20, 2024, 07:18 AM

UK inflation rose to 2.3% in October, exceeding the expected 2.2% and up from 1.7% in September, according to the Office for National Statistics (ONS). The increase was driven by higher energy prices, including a 10% rise in the energy price cap, which led to higher household energy bills. On a monthly basis, CPI rose by 0.6% in October. Core inflation also edged up to 3.3% from 3.2%, while services inflation reached 5%. The Bank of England is expected to remain cautious about interest-rate cuts due to the higher-than-expected inflation rate, now above the Bank's 2% target.