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The Office for National Statistics said higher domestic energy bills pushed up 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 moves followed new figures showing inflation cooled to 2.5% in December, from 2.6% in the prior month. It has eased pressure on Chancellor Rachel Reeves whose Budget policies have been ...
It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and an increase in fuel prices was largely behind the overall increase.
The UK inflation rate has gone up for the second month in a row, with prices rising at their fastest pace since March. Inflation hit 2.6% in the year to November, according to official figures.
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]
Uk inflation history inflation hit 24% in 1975 and in 1976 the Sterling crisis occurred, followed by the Winter of Discontent [2]. The traditional measure of inflation in the UK for many years was the Retail Prices Index (RPI), which was first calculated in the early 20th century to evaluate the extent to which workers were affected by price changes during the First World War.
The Bundesbank now predicts that the German economy will shrink by 0.2 per cent this year after predicting 0.3 per cent growth in June while the 2025 growth outlook was cut to 0.2 per cent from 1. ...
It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and an increase in fuel prices was largely behind the overall increase.