Britain’s inflation rate has nudged higher, lifted by rising clothing prices, food, and second-hand cars.
Figures released by the Office for National Statistics this morning show that the Consumer Prices Index rose to 0.7% in October, up from 0.5% in September. That’s the highest in three months, after the CPI fell to just 0.2% in August.
Economists had expected a smaller rise, to 0.6%.
Clothing prices overall rose by 2.8% between September and October 2020, compared with a smaller increase of 0.9% between the same two months a year ago.
Food prices….rose by 0.1% between September and October 2020, compared with a fall of 0.6% between the same two months a year ago. The largest upward contributions came from vegetables (including potatoes and tubers), and fruit.
Most of the upward contribution to clothes prices came from women’s clothing, the ONS says, with further smaller upward contributions from men’s and children’s wear.
The ONS’s deputy national statistician Jonathan Athow explains: “The rate of inflation increased slightly as clothing prices grew, returning to their normal seasonal pattern after the disruption this year.”
“The cost of food also nudged up, while second-hand cars and computer games also all saw price rises. These were partially offset by falls in the cost of energy and holidays.”