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UK inflation rate starts to rise UK inflation rate starts to rise
(10 minutes later)
A key measure of UK inflation has risen, official figures have shown. A key measure of UK inflation has risen for the first time since February, official figures have shown.
The Consumer Prices Index (CPI) climbed to 1.5% in October, up from 1.1% in September.The Consumer Prices Index (CPI) climbed to 1.5% in October, up from 1.1% in September.
Meanwhile, the Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments and housing costs, rose to -0.8% from -1.4%.Meanwhile, the Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments and housing costs, rose to -0.8% from -1.4%.
Inflation accelerated during the month mainly because a year ago fuel prices had fallen by a record amount, whereas this year there was only a slight fall. Inflation accelerated mainly because fuel prices fell a lot less than they did in the same period a year ago.
The Office for National Statistics (ONS) said fuel costs fell by just 0.7% between September in October, compared with a 6.1% fall last year. The Office for National Statistics (ONS) said fuel costs fell by just 0.7% between September and October, compared with a record 6.1% fall last year.
The big fall last year was caused by a dramatic slide in the price of oil.The big fall last year was caused by a dramatic slide in the price of oil.
Prices of second hand cars, which rose at the fastest rate on record, also contributed to the rise in inflation in October, the ONS said.Prices of second hand cars, which rose at the fastest rate on record, also contributed to the rise in inflation in October, the ONS said.
It also said that rising prices of recording devices, games and toys helped to push inflation up.It also said that rising prices of recording devices, games and toys helped to push inflation up.
Cuts in the cost of banking services, particularly overdraft charges and mortgage arrangement fees, helped to offset some of the price rises.
The rise in the RPI - the biggest monthly rise since 1990 - was due in part to the fact that house prices are currently rising, but were falling last year.