Consumers' hit by higher utilities and petrol costs

Economists were predicting inflation to have increased slightly for October, from 2.4 percent in September to 2.5 percent in October. However, figures from the Office for National Statistics (ONS) show the Consumer Prices Index (CPI) held steady at 2.4 percent in October.

However this is the overall ‘inflation’ picture, when we drill down to prices for gas and electricity, unfortunately both jumped by 2 percent, while liquid fuels jumped even more, by 7.2 percent. This increase for utilities was expected after last month’s news from energy companies as they increase their prices ahead of next year’s default tariff cap.

The Office for National Statistics’ (ONS) head of inflation Michael Hardie said: "Prices paid by consumers continued to rise at a steady rate with falls in food and clothing offset by rising utility bills and petrol, as crude prices continued to rise.”

Bottom line…

So good news for food and clothing, however as far as utilities go, make sure you don’t get trapped into higher price contracts. Just like domestic energy bills, it's possible to compare and switch to cheaper providers for your business – this is where we at Smarter Power come in!

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