UK inflation has risen to its highest level since April driven by an increase in household energy bills, according to official figures.The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month.
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00:00Well, we know that cost of living is a continued problem for working families
00:03across the country, but it is good news that inflation is stable and close to
00:07target at 2% today.
00:10Inflation has risen to 2.3%. The budget last month was going to drive growth and avoid inflation going up.
00:19Isn't this the opposite for what you had promised?
00:22Well, we know that the cost of living continues to be a problem for working families across the country,
00:26but gone are the days when inflation was at 10%, 11% driving family bills through the roof.
00:32Inflation is stable, it's around target, and the key driver of inflation statistics today
00:38is that expected increase in the energy price cap set by the regulator, Ofgem.
00:42But the good news is that inflation is stable, it's close to target,
00:46and that will be good for working families across the country.
00:48What's your response to claims by the country's biggest retailers,
00:51backed by the governor of the Bank of England yesterday,
00:54that higher prices are certain and jobs losses are inevitable because of the budget?
00:59Well, the budget fixed the foundations in this country.
01:02It turned the page on economic instability that we saw under the previous government.
01:07And I think businesses, investors and working people across the country
01:10will be happy that we have a government that takes economic stability properly
01:14and will not put us back into the chaos that we saw under Liz Truss and the Conservatives.