Petrol prices pushing up Inflation

Figures for October show a rise in the rate of inflation.
According to the Office for National Statistics the Consumer Price Index rose to 1.5% in October from 1.1% in September.
Thats the first time a rise has been recorded since February.
Its been put down to high oil prices.
However the Retail Price Index, which includes mortgage costs, continues to signal deflation with a reading of minus 0.8%.
In September it was minus 1.4%.
As the VAT cut is reversed back to 17.5% in January inflation is expected to continue rising above the Bank of Englands 2% target.

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