UK Inflation Rises to 2.3% in October

UK inflation has risen to 2.3% in October, surpassing the Bank of England's 2% target, primarily due to significant increases in energy prices, with average household energy bills rising by £149 as the energy price cap was adjusted. This marks the sharpest month-on-month inflation increase in two years, following a decline to 1.7% in September. The rise in inflation has implications for the Bank of England's interest rate policies, as further cuts may be delayed. Core inflation also increased to 3.3%, reflecting persistent service costs, while some sectors such as recreation and culture saw price drops. Analysts suggest that despite recent rate cuts to 4.75%, the outlook for further reductions remains cautious amid climbing inflation. The government has acknowledged the ongoing financial struggles of families, emphasizing the need for supportive measures.