April 30, 2024

UK inflation steady at 2.4% in October after food price war

UK inflation was unchanged at 2.4% in October after a rise in the cost of petrol and utility bills was offset by falling food prices.

City economists had predicted an increase to 2.5% but a price war on the high street, especially among food retailers, drove down the cost of the weekly shop and held back consumer inflation.

The Office for National Statistics said transport costs – particularly fuel – were the biggest factor pushing up the cost of living.

Gas and electricity prices, which tend to track the cost of crude oil, also rose in October compared with the previous month.

Analysts said the pause in the downward path of the consumer prices index (CPI) reflected the ups and downs of the pound over the past year as traders waited for the outcome of Brexit talks. A further fall in the pound would increase the cost of imports and push inflation back towards highs seen in 2017, when the November figure reached 3.1%.

For more read The Guardian

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