Published On Nov 20, 2024, 2:00 AM
In October, UK inflation rose to 2.3%, up from 1.7% in September, primarily driven by an increase in energy prices, which led to annual gas and electricity bills climbing by approximately £149. This rise has pushed inflation above the Bank of England's target of 2%.
Positive
The increase in inflation may prompt the Bank of England to consider raising interest rates to combat rising prices, which can affect sectors sensitive to interest rate changes. Investors might want to look at financial and utility sectors as they tend to react strongly to interest rate changes.
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