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Bloomberg
An anticipated pickup in UK inflation failed to materialise last month as food, clothing and transport prices
declined. Annual consumer-price growth stayed at 2.4 percent in October, the Office for National Statistics said on Wednesday. The figure is below the 2.5 percent predicted by both the Bank of England and economists in a Bloomberg survey.
Food and non-alcoholic drink prices fell 0.2 percent from September, clothing and footwear declined 0.5 percent and the cost of transport equipment and services was down 0.4 percent. These effects were offset by the highest auto-fuel costs in almost four years and a 2.2 percent jump in energy bills after British Gas hiked tariffs for more than 3 million customers.
The pound was little changed after the figures at $1.2963, down 0.1 percent on the day. BOE policy makers say gradual interest-rate increases will be needed to keep inflation falling towards its 2 percent target, assuming Britain avoids a disorderly Brexit.