Shadow Chancellor Mel Stride said costs heaped on businesses in the Budget will lead to more pain.
Last month, inflation rose to its highest level since April, driven by a rise in household energy bills.
Mr Stride said: "Having brought inflation back down to target, we know how important it is that the Government does the same.
"What is worrying about today's announcement is that inflation is running ahead of expectations and official forecasts state these figures are not expected to improve.
Risk
"The Budget will push up inflation and mortgage rates. It's higher inflation and lower growth under Labour." The Office for National Statistics said Consumer Prices Index inflation rose to 2.3% for October, from 1.7% the previous month and above economists' accepted forecast of 2.2%.
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