UK inflation rate rises to 2.3% in October – what it means for your money

THE UK's complaint of ostentation has risen supra the Bank of England's target.

The Office for National Statistics (ONS) said the Consumer Price Index (CPI) measured 2.3% successful the 12 months to October.

Today's speechmaking is somewhat higher than expected with the experts predicting the fig to emergence to 2.2%.

It comes aft ostentation measured 1.7% successful September, marking the archetypal clip it had fallen beneath the Bank of England's people successful 3 years.

The cardinal slope has a people of keeping ostentation astatine 2%.

Inflation is simply a measurement of however overmuch the prices of mundane goods specified arsenic nutrient and clothes, and services specified arsenic bid tickets and haircuts, person accrued compared to a twelvemonth earlier.

It's important to enactment that erstwhile ostentation drops it doesn't mean that prices person stopped rising, it conscionable means they are doing truthful astatine a slower pace.

The Bank of England has a people of keeping ostentation astatine 2%.

Today's speechmaking means that policymakers mightiness enactment much cautiously erstwhile it comes to cutting the basal rate.

It follows a determination by the Monetary Policy Committee (MPC), the BoE's rate-setters to trim the basal complaint from 5% to 4.75% earlier this month.

The basal complaint is utilized by lenders to find the interest rates offered to customers connected savings and borrowing costs including mortgages.