Inflation jumps

The CPI inflation figure for October jumped to 2.3%, up from 1.7% the month before. RPI inflation (the inflation measure trade unionists use) also increased significantly to 3.4%, up from 2.7%.

The main cause of the spike was the 10% increase in the energy price cap set by Ofgem, meaning higher gas and electricity bills for households. Food prices, meanwhile, are 1.9% higher than a year ago, but the rate of increase stayed steady.