CPI in the UK surged to 1.5% in October from 1.1%,higher than1.4% median estimates, while the monthly reading inched up to 0.2% from 0.0%, higher than projections of 0.1%. With regard to annual core CPI, it came in at 1.8%, in line with expectations andrelative to the previous 1.7%.

Also released was RPI for the month of October at 0.3% lower than the previous 0.4% which is higher than the expected 0.1% while on the year it improved to -0.8% from -1.4% and better than the projected -1.0%. RPI excluding mortgage installment payments for the year ending in October at 1.9% higher than both the previous and predicted readings of 1.3% and 1.8% respectively.