UK inflation in October reached its highest level in six months due to increased energy bills, surpassing expectations for a smaller rise. This has raised concerns about the economic outlook as it exceeds the Bank of England"s target rate of 2%.

In response, the Bank of England recently raised its main interest rate by 0.25% to 4.75%. This is the second increase in three months, following a period of low inflation since April 2021. The central bank"s actions reflect its ongoing efforts to manage inflation and stabilize the economy amidst fluctuating energy costs.