By The Telegraph (Business) | Created at 2024-11-20 07:08:35 | Updated at 2024-11-20 09:21:41
2 hours ago
Inflation has surged back above the Bank of England’s 2pc target after a rise in energy bills, official figures show.
The consumer prices index (CPI) rose to 2.3pc in October, according to the Office for National Statistics (ONS).
The jump in inflation, which was stronger than analysts expected, comes after CPI fell to a three-year low of 1.7pc in September.
ONS chief economist Grant Fitzner said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year.”
In October, average household energy bills increased by £149 a year after regulator Ofgem raised the cap by about 10pc from £1,568 for a typical dual fuel household in England, Scotland and Wales to £1,717.
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