Inflation jumps to 2.3% in sharpest increase for two years
Rachel Reeves's Budget will hike inflation further amid its sharpest increase for two years, Shadow Chancellor Mel Stride has said.
UK inflation has risen to its highest level since April driven by an increase in household energy bills, according to official figures.
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The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month.
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Shadow chancellor Mel Stride warned the impact of the Budget would push up inflation. (Image: Getty)
Mr Stride said: “Having brought inflation back down to target, we know how important it is for all of us 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.
“Labour’s Budget will push up inflation and mortgage rates.
“It’s higher inflation and lower growth under Labour.”
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Inflation was higher than expected for the month, after economists had predicted a reading of 2.2%.
ONS chief economist Grant Fitzner said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year.
“These were partially offset by falls in recreation and culture, including live music and theatre ticket price.
“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil price.”
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Treasury Chief Secretary Darren Jones acknowledged there was “more to do” to ease cost-of-living pressure as inflation increased to 2.3% in October from 1.7% in September.
Mr Jones said: “We know that families across Britain are still struggling with the cost of living.
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“That is why the Budget last month focused on fixing the foundation of our economy so we can deliver change.
“That includes boosting the national minimum wage, freezing fuel duty and protecting working people’s payslips from higher taxes.
“But we know there is more to do. That is why the Government is focused on economic growth and investment so we can make every part of the country better off.”