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MNI BRIEF: UK Inflation Picks Up Pace As Energy Costs Rise

UK inflation rose in October, accelerating from the three-year low seen in September.
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MNI (LONDON) - UK CPI rose by 2.3% in the year to October, up from 1.7% in September, the Office for National Statistics said Wednesday, outpacing consesnus estimates for a pick-up in prices.

Higher inflation had been expected by financial markets, although the rise was at the upper end of forecasts. It was above the Bank of England's own expectation of a pick-up to 2.2% this month. On a monthly basis, CPI rose by 0.6% in October 2024, with this month's reading hit by an increase in both electricity and gas prices after a decline in the same period a year ago. (see MNI BOE WATCH: Cuts 25BP, Sees Slow Return To Inflation Target )

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MNI (LONDON) - UK CPI rose by 2.3% in the year to October, up from 1.7% in September, the Office for National Statistics said Wednesday, outpacing consesnus estimates for a pick-up in prices.

Higher inflation had been expected by financial markets, although the rise was at the upper end of forecasts. It was above the Bank of England's own expectation of a pick-up to 2.2% this month. On a monthly basis, CPI rose by 0.6% in October 2024, with this month's reading hit by an increase in both electricity and gas prices after a decline in the same period a year ago. (see MNI BOE WATCH: Cuts 25BP, Sees Slow Return To Inflation Target )

Keep reading...Show less