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UK inflation stays steady at 2.4% | UK inflation stays steady at 2.4% |
(20 minutes later) | |
UK inflation was unchanged in October and again above the official target of 2%, despite two rate rises this year. | |
Last month's Consumer Price Index (CPI) figure was 2.4%, the Office for National Statistics (ONS) said. | Last month's Consumer Price Index (CPI) figure was 2.4%, the Office for National Statistics (ONS) said. |
Many economists had been expecting a rise to 2.6% because of the introduction of more expensive university tuition fees in October. | Many economists had been expecting a rise to 2.6% because of the introduction of more expensive university tuition fees in October. |
The RPI rate, which includes mortgage payments rose from 3.6% to 3.7% - the highest level in more than eight years. | The RPI rate, which includes mortgage payments rose from 3.6% to 3.7% - the highest level in more than eight years. |
Interest rate rise? | |
The majority of universities in England and Northern Ireland have adopted the new £3,000 maximum fee for new entrants - up from the previous maximum of £1,175. | |
However some much of this was offset by lower petrol prices which fell by about 5p a litre. | |
There was also an increased number of special offers on furniture and furnishings in October after higher prices in September, the ONS said. | |
The data suggests that the Bank of England's Monetary Policy Committee is likely to hold back on introducing any further interest rate rises in the near future. | The data suggests that the Bank of England's Monetary Policy Committee is likely to hold back on introducing any further interest rate rises in the near future. |
Last week it hiked the rate by 0.25 percentage points to 5%. | Last week it hiked the rate by 0.25 percentage points to 5%. |
However, many analysts are expecting further rates increases next year. | However, many analysts are expecting further rates increases next year. |
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