British inflation steady at five-year high in October
The Consumer Prices Index 12-month rate was unchanged from the level in September, the Office for National Statistics said in a statement.
Analysts’ consensus forecast had been for a slight rise in CPI to 3.1 percent.
Inflation has soared this year as a Brexit-hit pound ramped up import costs, which led the Bank of England to raise its key interest rate for the first time in a decade at a meeting earlier this month.
The BoE tightened borrowing costs to 0.50 percent from a record-low of 0.25 percent, with Britain’s inflation far above the central bank’s 2.0-percent target rate.
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