UK inflation rises to 2.3 per cent, dampening rate cut hopes

British inflation jumped by more than expected last month to rise back above the Bank of England’s 2 per cent target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts.

Consumer prices rose by an annual 2.3 per cent in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a 1.7 per cent rise in September