UK inflation remained at 3 percent in October, according to the latest figures from the Office for National Statistics, its highest ate for over five years.
Groceries saw the biggest price increase over the month, with market researcher Kantar Worldpanel saying grocery inflation was at 3.4 percent in the 12 weeks to November 5th.
This was marginally offset by a fall in fuel prices and furniture but the majority of prices have been hit negatively by the impact of Brexit, which has increased the cost of important goods.
The figures were not unexpected, with the Consumer Prices Index expected to rise after the Bank of England forecasted it would peak at 3.2 percent this autumn. This remains well above the government’s 2 percent target.
