UK October inflation highest in six months on rising energy prices

LONDON (ICIS)–UK inflation rose in October to its highest level in six months, driven up by rising energy prices, according to official data on Wednesday.

The consumer prices index (CPI) increased by 2.3% in the 12 months to October, up from 1.7% in September.

Housing and household services, mainly electricity and gas prices, were the biggest factors pushing inflation higher, the Office for National Statistics (ONS) said.

The UK’s inflation rate has trended down since October 2022, when it hit 11.1% in the wake of surging energy prices following Russia’s invasion of Ukraine.

The Bank of England (BoE) cut its key interest rate twice this year as inflation eased, heading below its target of close to but not exceeding 2% in September.

Eurozone inflation also increased in October, rising to 2% from 1.7% in September.