UK inflation hits 2.3 pct in October

This marks the highest month-to-month annual CPI rise since October 2022, pushing inflation to a six-month high.

LONDON, Nov. 20 (Xinhua) -- Britain's annual Consumer Prices Index (CPI) rose to 2.3 percent in October, up from 1.7 percent in September, according to data from the Office for National Statistics (ONS) released on Wednesday.

This marks the highest month-to-month rise in annual CPI since October 2022, pushing inflation to a six-month high.

Housing and household services were the primary contributors to the increase in both CPI and the Consumer Prices Index including owner-occupiers' housing costs (CPIH), which climbed by 3.2 percent in the 12 months to October, compared to 2.6 percent in September.

Core CPI, which excludes volatile items such as energy, food, alcohol, and tobacco, rose by 3.3 percent in October. The CPI goods annual rate grew from negative 1.4 percent to negative 0.3 percent, while the CPI services annual rate increased from 4.9 percent to 5.0 percent.

The Bank of England has projected that inflation could rise further to 2.5 percent by the end of the year and peak at 2.7 percent by the close of 2025. It expects inflation to gradually decline below the 2 percent target within its three-year forecast horizon.