Hike in energy prices pushes inflation above BoE target at 2.3% in October

Slim chances of rate cut before year-end

The UK Consumer Prices Index (CPI) rose by 2.3% in the 12 months to October 2024, up from 1.7% in September.

According to data from the Office for National Statistics today (20 November), the increase was largely driven by a rise in energy prices last month, although it was partly offset by the recreation and culture sector. Core inflation increased as well to 3.3% from 3.2% a month prior, still well above the Bank of England's target of 2%, as services inflations continued to remain sticky rising to 5% from 4.9% in September. BoE's Andrew Bailey warns Budget tax hikes add 'uncertainty' for interest rate cuts Chief secretary to the Treasury Darren Jones, said: "We know that families acros...