Investing.com - The annual rate inflation in the UK unexpectedly remained steady in October, according to data released on Wednesday.
The Office for National Statistics reported that the consumer price index was unchanged at 2.4% last month, matching the annual rate of inflation seen in September. Economists had expected the annual rate of inflation to tick up to 2.5%.
Month-over-month, consumer price inflation held steady at 0.1% in October, compared to expectations for a gain of 0.2%.
Declines in food and clothing prices in October were offset by rises in fuel and recreation costs the ONS said.
Core CPI, which excludes food, energy, alcohol, and tobacco costs, was unchanged as expected at 1.9%.
Earlier this month the Bank of England indicated that it is likely to raise interest rates again next year and that it could speed up the pace of rate hikes in the event of an orderly Brexit.
Inflation hit a five-year high of 3.1% in November 2017, as the steep decline in sterling after the June 2016 Brexit vote hit its peak.