Investing.com – Consumer price inflation in the U.K. rose unexpectedly in October, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that the rate of consumer price inflation was a seasonally adjusted 3.2% in October, up from 3.1% in September.
Analysts had expected consumer price inflation to remain unchanged at 3.1% in October.
The report said that an increase in fuel prices, which rose by 1.8%, and a rise in alcoholic beverages and tobacco prices were the main factors affecting CPI.
Core CPI, which excludes food, energy, alcohol, and tobacco costs remained unchanged at a seasonally adjusted 2.7% in October, widely in line with expectations.
Following the release of the data the pound was up against the U.S. dollar, with GBP/USD gaining 0.16% to hit 1.6078.
Meanwhile, European stock markets were down. The FTSE 100 fell 1.10%, the EURO STOXX 50 declined 0.98%, France’s CAC 40 dropped 1.11%, and Germany's DAX was down 0.47%.
In a report, the U.K. Office for National Statistics said that the rate of consumer price inflation was a seasonally adjusted 3.2% in October, up from 3.1% in September.
Analysts had expected consumer price inflation to remain unchanged at 3.1% in October.
The report said that an increase in fuel prices, which rose by 1.8%, and a rise in alcoholic beverages and tobacco prices were the main factors affecting CPI.
Core CPI, which excludes food, energy, alcohol, and tobacco costs remained unchanged at a seasonally adjusted 2.7% in October, widely in line with expectations.
Following the release of the data the pound was up against the U.S. dollar, with GBP/USD gaining 0.16% to hit 1.6078.
Meanwhile, European stock markets were down. The FTSE 100 fell 1.10%, the EURO STOXX 50 declined 0.98%, France’s CAC 40 dropped 1.11%, and Germany's DAX was down 0.47%.