The inflation rate in the UK hit 2.3% in October, a significant jump from 1.7% in September, driven primarily by rising energy costs, which are now above the Bank of England's 2% target.
Grant Fitzner, chief economist for the Office for National Statistics, noted that while higher energy prices influenced inflation, they were somewhat offset by declines in live entertainment costs and a reduction in raw material costs, primarily due to lower crude oil prices.
With the cold weather approaching and energy bills rising again, households are likely to feel the impact of increased costs more acutely, especially as government support measures for utility bills are being reduced.
The energy price cap currently sits at £1,717 for an average household, which is being closely monitored as rising costs could lead to longer-term financial pressures for consumers.
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