Inflation in the UK surged to 2.3% in October, significantly above expectations, largely driven by rising energy prices due to a recent price cap increase.
Officials indicate that the Bank of England's Monetary Policy Committee will likely hold off on further interest rate cuts until the new year, given the recent inflation data.
Darren Jones highlighted ongoing pressures on households, emphasizing the need for government actions like the national living wage increase to alleviate financial burdens.
The Bank of England's governor, Andrew Bailey, remains vigilant about the implications of fiscal measures on inflation and economic growth, underscoring the current economic environment's fragility.
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