Well Banks got it right increasing and stabilizing interest rates and slightly higher mortgage rates ahead of this month's inflation forcast .......... and before you say it" ah but it went down to 1.7%, that included energy price drop and seasonal 3 month's lower power usage! " so increase is actually higher than the 2% which would normally follow that fall!.
The inflation rate, which measures price changes over time,
rose by more than expected to 2.3% in the year to October, up from 1.7% in September.
Annual gas and electricity bills for a typical household went up by about £149 last month although prices are rising much more slowly than in recent years.
The
latest inflation figure comes after the government revealed that an additional 50,000 pensioners will be living in relative poverty next year as a result of cuts to the winter fuel allowance.
Higher inflation pushes up the cost of living for households, and can lead to
interest rates remaining at a higher level, making the cost of loans, credit cards and mortgages, more expensive.
Derek Lickorish, non-executive chairmanof energy supplier Utilita, said he had seen a 60% increase over summer in customers asking the company for help with bills.
"Now it’s really cold, that figure is going to be even higher," he told the BBC, adding that
people were "running on empty" after being hit with rising costs through the pandemic and energy crisis. .....
Darren Jones, [ Bristol MP, always shot down in flames in interviews! ] chief secretary to the Treasury, said the government knew "families across Britain are still struggling with the cost of living", but told the BBC that it was "good news" inflation was "stable".
Interest rates were cut to 4.75% two weeks ago, but experts suggest they will not be cut again until next year.
Indications from BOE and fiscal entities were likely tobe at least 1 more if not 2 in NEARER FUTURE! ] The last time inflation was at 2.3% - above the Bank of England's target - was in April.
Shadow chancellor Mel Stride said claimed Labour's Budget would "push up inflation and mortgage rates".