Inflation up as prices rise
By politics.co.uk staff
The first rise in in the Bank of England’s inflation benchmark since February has been announced.
A rise in petrol prices is thought to be behind the rise, with the consumer prices index (CPI) rising from 1.1 per cent in September to 1.5 per cent in October, according to the Office of National Statistics (ONS).
Meanwhile the headline rate of the retail Price Index (RPI) inflation rose from -0.8 per cent in October, after hovering at -1.4 per cent the month before.
The ONS pointed out that fuel costs fell by just 0.7 per cent between September and October. The fall was far more significant – 6.1 per cent – this time last year.