Inflation rises in October
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The Consumer Price Index rose in October 2009 to 1.5 per cent, according to the latest figures from the Office of National Statistics.
The ONS says CPI rose to 1.5 per cent, up from 1.1 per cent in September. It says the largest upward pressure affecting the change came from transport - fuels and lubricants, which fell by 0.7 per cent between September and October, are recovering from the fall of 6.1 per cent in October 2008 after oil prices plummeted.
The CPI is still 0.5 per cent below the 2 per cent benchmark set by the Bank of England’s Monetray Policy Committee.
The Retail Price Index rose to -0.8 per cent in October, compared with -1.4 per cent in September. ONS says this was the biggest jump in RPI in nearly 20 years.
The ONS says the main factors affecting the CPI also affected the RPI; however, it says there was an upward pressure from housing, mainly due to house depreciation - this is due to the fact that house prices are increasing this year but were falling a year ago.
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