Inflation jumps to 2.3% in sharpest increase for two years

UK inflation has risen to its highest level since April driven by an increase in household energy bills, 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.

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It is the sharpest month-on-month increase in the rate of inflation for two years.

Inflation was higher than expected for the month, after economists had predicted a reading of 2.2%.

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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.

“These were partially offset by falls in recreation and culture, including live music and theatre ticket price.

“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil price.”