UK inflation: Higher energy bills push rate to 2.3% in October

UK inflation jumped last month in part due to rising energy prices, official figures show.

The inflation rate, which measures price changes over time, hit 2.3% in the year to October, an increase from 1.7% in September.

Annual gas and electricity bills for a typical household went up by about £149 last month, but prices are rising much more slowly than in recent years.

However, the rate, which is closely monitored to determine interest rates, is now back above the Bank of England’s 2% target.

Grant Fitzner, chief economist for the Office for National Statistics (ONS), said while higher energy costs had contributed, this increase was offset by falls in live music and theatre ticket prices.

“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices,” he added.

However, with temperatures dropping to freezing levels and snow hitting parts of the UK, rising energy bills will once again become the focus of many households.