Inflation has risen by more than expected due to an increase in energy bills, official figures showed.
It’s the first rise in the rate of price increases, as measured by the consumer prices index (CPI), for three months.
The figure stood at 2.3% in October, according to the Office for National Statistics (ONS), above the 2.2% forecast by economists.
This is also a sizeable increase on the 1.7% recorded a month earlier.
Money blog: Follow live reaction to inflation news
Today’s data may affect the likelihood of the Bank of England cutting interest rates next month.
Before the inflation figure was announced, there was a 78.3% chance of no change – and a 21.7% chance that the cost of borrowing would fall by 0.25 percentage points.
Also on the up was another important measure of inflation – core inflation, which measures price rises but excludes food and energy costs as they’re liable to sharply fall or rise.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
