Why we shouldn't panic as higher food and clothing prices trigger hike in inflation
The Office for National Statistics (ONS) said the consumer prices index (CPI) measure of inflation rose to 0.7 per cent in October from 0.5 per cent the month before. Analysts had predicted that inflation would remain at 0.5 per cent last month.
Deputy national statistician for economic statistics at the ONS, Jonathan Athow, said: “The rate of inflation increased slightly as clothing prices grew, returning to their normal seasonal pattern after the disruption this year.
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Hide Ad“The cost of food also nudged up, while second-hand cars and computer games also all saw price rises. These were partially offset by falls in the cost of energy and holidays.”
Despite the surprise increase, the latest CPI measure remains well below the Bank of England’s 2 per cent target.