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UK inflation surges to a 10-year high of 4.2% in October, bolstering the case for Bank of England to hike rates
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British inflation surged to a 10-year high last month, as household energy bills rocketed, according to data on Wednesday that will bolster expectations that the Bank of England will raise interest rates next month.
Consumer prices rose by 4.2% in annual terms in October, leaping from a 3.1% increase in September. Both the BoE and a Reuters poll of economists — none of whom had predicted such a big increase — had pointed to a reading of 3.9%.
«Today's inflation data will reinforce the Bank of England's resolve to act,» Yael Selfin, chief economist at KPMG UK, said.
The Office for National Statistics said household energy bills were the biggest driver of inflation following the lifting of a regulatory cap on bills last
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