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Inflation remains steady in October, ONS data shows

Inflation remained steady in October, with the Consumer Price Index (CPI) flat month on month at 2.4 per cent, according to Office for National Statistics data out today.

Rising fuel costs and domestic gas prices offset lower prices for food and non-alcoholic drinks, as well as clothing and transport, leading to CPI staying unchanged from its September rate.

The cost of some goods and services, as well as recreation and culture activities, also rose.

While clothing and footwear prices fell by 1.1 per cent in the year to October, transport costs rose by 5.3 per cent – driven chiefly by the cost of fuel.

Electricity and gas prices also rose by nine per cent and 7.6 per cent respectively ahead of Ofgems price market cap that takes effect in January.

Meanwhile, house price growth hit 3.5 per cent in the year to September, up from 3.1 per cent in August, the ONS said.

The average UK house price was £233,000 in September, £8,000 higher than the same month last year.

But London house prices fell by 0.3 per cent over the year, better than a 0.6 per cent fall they experienced in August.

Head of inflation at the ONS, Michael Hardie, said: “Prices paid by consumers continued to rise at a steady rate with falls in food and clothing offset by rising utility bills and petrol, as crude prices continued to rise.

“House price growth ticked up a little as increases in Wales, Scotland and the midlands were to some extent offset by falls in central London.”

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