LONDON: Inflation in the UK reached 2.3% in October, exceeding market expectations of 2.2%, as reported by the Office for National Statistics (ONS) on Wednesday. According to Anadolu Agency, the annual price increase was notably higher than the 1.7% recorded in September. On a monthly basis, consumer prices rose by 0.6% in October 2024, with housing and household services being the largest contributors to the price hike, primarily due to higher electricity and gas prices. Additionally, the Core Consumer Price Index (CPI), which excludes energy, food, alcohol, and tobacco, saw a rise of 3.3% over the 12 months leading to October 2024. This indicates underlying inflationary pressures in the UK economy, beyond the volatile components typically excluded from core calculations.