The Consumer Prices Index (CPI) jumped to 2.3 per cent in October, against 1.7 per cent the previous month, dealing a death blow to any hopes of a second straight interest rate cut in December.
Fuel prices were chiefly to blame for the sharpest increase in prices in 24 months. The rise in Ofgem’s energy price cap contrasted with a fall last year, pushing up the “housing and household services” category, which had been in negative territory in September. But it was far from the only villain of the piece. Particularly worrying for the Bank of England will be the fact that the price of services rose by 5 per cent against 4.9 per cent. The rate-setting Monetary Policy Committee (MPC) has repeatedly voiced concerns about its stickiness.
Core inflation, excluding the ever volatile fuel, food, and tobacco, also rose to 3.3 per cent, another number which will be met with a frown in Threadneedle Street’s dusty halls. True, this didn’t come as a complete surprise. Economists had forecast a rise. So had the Bank. But the headline number was still above expectations and that is not good news.
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