Higher energy bills push UK inflation to 6-month high in October

Associated Press

LONDON (AP) — Inflation in the U.K. has risen sharply to a six-month high in October, cementing market expectations that there will be no further cuts in borrowing rates this year. The Office for National Statistics said Wednesday that higher domestic energy bills pushed consumer price inflation up to 2.3% in the year to October from the three-year low of 1.7% recorded the previous month. The increase is above forecasts for a more modest increase. It took inflation above the bank’s target rate of 2%. The bank cut its main interest rate earlier this month by a quarter of a percentage point to 4.75% after inflation fell to its lowest level since April 2021.