UK Inflation Surges to 2.3% Amid Energy Cost Spike
TL;DR Summary
UK inflation rose to 2.3% in October, up from 1.7% in September, driven by higher energy bills, which increased by about £149 for a typical household. This rate surpasses the Bank of England's 2% target, though further interest rate cuts are not expected until 2025. While energy costs contributed to the inflation rise, decreases in live music and theatre ticket prices provided some offset. The government plans to means-test winter fuel payments, affecting 10 million pensioners, as energy costs remain a concern amid colder weather.
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