UK inflation rises to 2.3%, increasing pressure to delay interest rate cut

Figure is above Bank of England target after energy bills push up prices

Inflation could rise above 3% next year after it increased to 2.3% in October, heaping pressure on the Bank of England to delay further interest rate cuts until next spring.

Figures released by the Office for National Statistics (ONS) on Wednesday showed that a rise in energy bills pushed up the consumer prices index (CPI), reversing a downward trend this year in inflation, which was 1.7% in September.