20 Nov 2024
UK inflation jumped last month in part due to rising energy prices, according to the latest data from the Office for National Statistics (ONS).
The inflation rate hit 2.3% in the year to October, an increase from 1.7% in September.
The rise was due to energy bill hikes, after Ofgem's price cap was raised by around 10% to £1,717 for an average household.
Core inflation, which strips out volatile elements such as energy and food prices, was 3.3% in October – up from 3.2% and higher than the forecast 3.1%.
David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: 'While inflation is down considerably from this time last year, the larger than expected uptick in October highlights the continuing price pressures in the economy. Electricity and gas costs have risen sharply, with households facing challenges as we head into winter.
'To help mitigate cost pressures, the government should look to accelerate the permanent cuts in business rates for retail, hospitality and leisure properties – currently scheduled for 2026. Much also depends on the government's strategies on industry, infrastructure and trade. We need these plans to deliver at pace and help drive forward business growth across the UK.'