Inflation Higher in October
Consumer Price inflation registered a rise during October mainly due to higher food prices and university tuition fee hike. The Office of National Statistics report shows 2.7 per cent rise in annual inflation during the past month.
University fees increased by 19.7 per cent compared to previous year. The hike in fee has resulted in 0.32% in overall inflation.
The experts have also blamed higher food and drinks price for the rising cost of living. If the inflation remains higher than 2% target of Bank of England, things could turn worse and impact consumer sentiment.
As per market experts, if the economy has to witness recovery, the household budgets should remain under control and inflation should remain under 2% target of Bank of England.
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