UK inflation climbs to 3.3%

The Office for National Statistics said CPI inflation climbed from 3.2% the previous month and remains above the government's 2% target. It represents a turn-around from the decline of 0.6% between April and September, when inflation fell to 3.1%. The ONS says the increase was driven by a record rise in food, clothing and furniture prices, Meanwhile Retail Prices Index (RPI) inflation - which includes mortgage interest payments - rose to 4.7% from 4.5%. Fidelity’s asset allocation director Trevor Greetham says tax is to blame for the elevated figures, which he expects will not c...