Rolling coverage of the latest economic and financial news
- CPI inflation rate jumped to 4.2% last month as costs of living squeeze intensifies
- Energy bills and petrol costs drove up inflation
- Restaurants and hotels, education, furniture and household goods, and food and non-alcoholic beverages also added to inflation
- Levelling up? If anything, things are getting worse for the lowest paid in the UK
Grant Fitzner, chief economist at the ONS, says:
“Inflation rose steeply in October to its highest rate in nearly a decade.
“This was driven by increased household energy bills due to the price cap hike, a rise in the cost of second-hand cars and fuel as well as higher prices in restaurants and hotels.
