British inflation rose below expectations in October, according to data from the Office of National Statistics, raising questions about the strength of price pressures in the economy ahead of Brexit.
The consumer price index rose by 2.4% in October against expectations of 2.5%, while the September reading was also 2.4%. Yesterday's wage figures were the fastest pace since 2008.
The data also showed a rise in core inflation, which excludes prices of energy, food, alcohol and tobacco by 1.9% in October. The Bank of England expects inflation to fall, but it will remain above its 2% target in two years while it will gradually raise interest rates.
The Bank of England's projections are based on the smooth Brexit in March 2019, which depends on the deliberations of the Theresa May government, which is meeting today to consider a draft Brexit agreement.
