Pound higher as UK inflation rises to 2.7%
The pound has jumped in forex trading on news UK inflation rose to 2.7 per cent in October.
According to the Office for National Statistics, the rate – which is measured by the Consumer Prices Index (CPI) – jumped from 2.2 per cent in September due to the rising cost of university tuition fees.
It now costs students 19.1 per cent more to attend university after the cap on charges was hiked by the government to £9,000 from £3,375.
In addition, the Retail Prices Index measure of inflation jumped to 3.2 per cent from 2.6 per cent in September.
Food price inflation increased after the summer's miserable weather affected crop harvests, which raised the price of vegetables.
September's CPI inflation was the lowest for almost three years and therefore October's data was expected to be higher.
At 10:45 GMT today (November 13th), the pound was higher by 0.1 per cent versus the dollar to £1 buying $1.589, while against the euro sterling was up by 0.3 per cent to £1 buying €1.254.
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