Inflation hit 2.3% in October, up 0.6% in a month, marking the largest increase in two years, driven by hike in energy price cap
The largest increase since 2022 was largely influenced by higher energy bills coming into the winter months. Although it was higher than the 2.2% predicted, year on year the figure was down from last October’s 4.6%.
Household energy bills rose by 1.3% in October, with the annual rate rising by 5.5% overall. The Office for National Statistics predicted this rise will equate to a household paying £149 extra annually on gas and electric, and £1,717 overall.
Electricity bills rose by 7.7% in October, while gas prices were up 11.7%. Despite these large increases, gas was 36% lower than the 2022-23 peak while electricity was 22% below.
