Inflation has risen by more than expected, according to official figures.
The Consumer Prices Index stood at 2.3% in October, according to the Office for National Statistics.
This is also a sizeable increase on the 1.7% recorded a month earlier.
Money blog: Follow live reaction to inflation news
Today’s data may affect the likelihood of the Bank of England cutting interest rates next month.
Before the inflation figure was announced, there was a 78.3% chance of no change – and a 21.7% chance that the cost of borrowing would fall by 0.25 percentage points.
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