Why did inflation rise back up and what could it mean for your energy bills?

Name: Why did inflation rise back up and what could it mean for your energy bills? | Humix Video
Uploaded: 2024-11-21T06:32:53+00:00
Duration: 1 min 40 s

0:00
inflation has risen back above the bank
0:02
of England's 2% Target according to the
0:04
latest figures figures from the office
0:06
for National statistics reveal that
0:07
Consumer Price inflation hit 2.3% in
0:10
October above Economist projections of
0:13
2.1% so what's caused inflation to rise
0:16
and what could it mean for you well one
0:18
of the reasons behind the jump is higher
0:20
energy bills it comes after regulator
0:22
rcom hiked its price cap on household
0:24
bills by 99.5% last month housing costs
0:27
also pushed the headline figure further
0:30
as rental prices and owner occupied
0:32
housing cost both increased by 7.4% over
0:35
triple the headline rate of CPI the
0:37
latest inflation figures throw a bit of
0:39
uncertainty over the trajectory of
0:41
future interest rates the bank of
0:42
England's Governor Andrew Bailey has
0:44
also warned that Services inflation is
0:46
easing only gradually and that a more
0:48
substantial fall is unlikely this year
0:50
Bailey also suggested that policy makers
0:52
are still waiting to judge the impact
0:54
that measures in Chancellor Rachel ree's
0:56
first budget will have on the UK economy
0:58
the Central Bank raised its inflation
1:00
forecast for the next 3 years after
1:02
Reeves increased taxes on employers
1:04
Which business groups have warned could
1:06
lead to higher prices and a hiring
1:07
slowdown speaking to MPS at the treasury
1:10
select committee Governor Bailey said
1:12
job losses were a realistic Prospect and
1:14
the chief secretary to the treasury
1:15
Darren Jones said the government knows
1:17
that families across Britain is still
1:19
struggling with the cost of living that
1:20
is why the budget last month focused on
1:22
fixing the foundations of the economy so
1:24
the government can deliver change here
1:26
at CM we'd like to know are you
1:28
concerned about how a rise in inflation
1:29
could imp impact you let us know your
1:31
thoughts in the comments
1:36
[Music]

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