$GBIRYY -U.K Inflation Rate Above Forecasts (October/2024)
GBIRYY 2.3%October/2024
source: Office for National Statistics
- Annual inflation rate in the UK went up to 2.3% in October 2024, the highest in six months, compared to 1.7% in September.
This exceeded both the Bank of England's target and market expectations of 2.2%.
The largest upward contribution came from housing and household services (5.5% vs 3.8% in September), mainly electricity (-6.3% vs -19.5%) and gas (-7.3% vs -22.8%), reflecting the rise of the Office of Gas and Electricity Markets (Ofgem) energy price cap in October 2024.
Also, prices rose faster for restaurants and hotels (4.3% vs 4.1%) and rebounded for housing and utilities (2.9% vs -1.7%). Prices of services increased slightly more (5% vs 4.9%), matching estimates form the central bank.
On the other hand, food inflation was steady at 1.9% and the largest offsetting downward contribution came from recreation and culture (3% vs 3.8%).
Compared to the previous month, the CPI increased 0.6%. Finally, annual core inflation edged up to 3.3% from 3.2%.
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