UK Inflation Rises to 2.3% in October

UK inflation surged to 2.3% in October, up from 1.7% in September, marking the highest month-on-month increase in over two years, primarily driven by rising household energy costs due to Ofgem's increased price cap. This unexpected rise in inflation diminishes hopes for a pre-Christmas interest rate cut by the Bank of England (BoE), which had already reduced rates to 4.75% earlier in the month. Economists suggest that the BoE is likely to maintain its cautious stance until early next year, with a potential rate cut anticipated in February 2024. In contrast, Nigeria's inflation rate has also risen to 33.88% in October, fueled by high food prices and energy costs, alongside ongoing supply chain issues, prompting the Central Bank of Nigeria to increase interest rates in response. Both countries are experiencing significant inflationary pressures that complicate monetary policy decisions. Analysts warn that the economic outlook remains challenging, with continued price increases expected in the coming months.