UK inflation rises above 2% target (Image: Getty)
UK has risen to its highest level since April driven by an increase in household , according to official figures.
The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month.
It is the sharpest month-on-month increase in the rate of inflation for two years.
Grant Fitzner, chief economist at the Office of National Statistics (ONS) said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity, compared with a fall this time last year.
“These were partially offset by falls in recreation and culture, including live music and theatre ticket prices.”
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However, he noted: “The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices.”
The cost of raw materials fell 2.3% in the year to October, down from a revised decrease of 1.9% in the year to September. Meanwhile, factory gate prices fell 0.8%, down from a revised drop of 0.6%.
Treasury Chief Secretary Darren Jones acknowledged there was “more to do” to ease cost-of-living pressure as inflation increased in the year to October.
Mr Jones said: “We know that families across Britain are still struggling with the . That is why the Budget last month focused on fixing the foundation of our economy so we can deliver change.
“That includes boosting the national minimum wage, freezing fuel duty and protecting working people’s payslips from higher taxes.
“But we know there is more to do. That is why the Government is focused on economic growth and investment so we can make every part of the country better off.”
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