UK Inflation Ticks Up To 1.3%

UK inflation ticked up to 1.3% in October, according to figures just released by the Office for National Statistics.

Analysts had expected inflation to come in at 1.3%, up from September's 1.2% reading.

The core figure, which strips out the most volatile prices, like food and tobacco, came in slightly higher at 1.5%.

Despite the slight increase, with oil prices dropping, inflation will probably remain below the Bank of England's 2% target in the coming months.