UK inflation steady above Bank of England’s target

LONDON – Official figures show inflation in Britain held steady above the Bank of England’s target level in October.

The Office for National Statistics said the consumer prices index in the year to October was unchanged at 2.4 per cent — above the Bank’s target of 2 per cent.

The Bank has raised its main interest rate on two occasions over the past year, taking it to 0.75 per cent, in order to rein in inflation stoked by the Brexit vote in June 2016. That triggered a sharp fall in the value of the pound and raised the cost of imports.

The Bank, though, is not expected to hike again until there’s clarity over Britain’s exit from the European Union. On Wednesday, Prime Minister Theresa May is briefing her Cabinet on a draft deal.