Inflation rises - 20th November 2024

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Inflation rises - 20th November 2024

Inflation rose in October to its highest level for six months to 2.3%, up from 1.7% in September. The ONS said higher gas and electricity prices were offset by lower oil prices, which reduced the transport and raw materials costs and falls in theatre and live music tickets also helped to limit the fastest month-on-month increase in prices since October 2022, at 0.6%. The quarterly energy price cap rose by 10% to £1717 in October and is forecast to rise again in January.

The Bank of England have cut interest rates twice in recent months but given today’s data, with inflation above the 2% target and expected to increase to 2.4% and 2.5% in November and December, a further reduction now seems unlikely.

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