Inflation in the UK rose to 2.3% in October, up from 1.7% in September, according to official data from the Office for National Statistics (ONS),
This increase was primarily due to higher energy costs.
This marks a return above the Bank of England’s 2% inflation target, raising concerns for households already grappling with the cost of living.
Gas and electricity bills for an average household increased by approximately £149 last month under Ofgem’s energy price cap.
While these costs are still lower than last winter, the recent spike comes as government support for energy bills has been scaled back.
The Energy Price Guarantee, which previously shielded millions of households, now leaves many paying £1,717 annually for typical energy usage.
ONS Chief Economist Grant Fitzner noted that the inflation surge has been tempered by falling prices in other areas, such as live music and theatre tickets. Additionally, due to lower crude oil prices, business raw material costs continued to decline.
Despite these offsets, colder temperatures and snowfall across the UK mean rising energy bills remain a pressing concern for many.
The government announced plans to means-test winter fuel payments to address growing economic pressures, removing eligibility for 10 million pensioners in England and Wales.
The Bank of England recently cut interest rates to 4.75%, but further reductions are unlikely until 2025. The government acknowledges the strain on families.
Chief Secretary to the Treasury Darren Jones stated, “We know there is more to do,” as inflation challenges economic stability.
As the energy price cap remains in place for 27 million homes across Britain, the focus turns to measures that can alleviate rising costs.
With winter approaching, the UK faces renewed pressure to address inflation while ensuring energy affordability for vulnerable households.
