Energy bills affect October inflation rate

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Energy bills provided the biggest downward impact on inflation in the UK in October, according to new figures.

The Office of National Statistics (ONS) stated that the reduction in prices of several major tariffs led to lower energy bills for customers across Britain, while Reuters reports that energy costs have fallen by four per cent on the year.

However, the impact of gas and electricity prices could not stop inflation from rising past the government's target of two per cent for the first time since June.

Major upward pressure came from the rising prices of petrol and food including meat and fruit.

Retail price index inflation also rose to 4.2 per cent last month and was influenced by the same factors that affected the consumer price index.

Lloyds TSB's consumer barometer for September recently found that despite problems in the credit market, consumer confidence has remained high thanks to job security and the ability to pay bills.

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