Increase to 4.2% in October from 3.1% driven by squeeze on living standards and soaring energy bills
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The Bank of England is under mounting pressure to increase interest rates next month after inflation rose to the highest level in a decade in October amid the squeeze on living standards from soaring household energy bills.
A sharp increase in gas and electricity prices pushed inflation as measured by the consumer prices index to 4.2% in October, up from 3.1% in September, according to the Office for National Statistics – the highest rate since November 2011.
