As well as energy costs increasing last month, inflation in the services sector, which measures price rises for things such as haircuts and cinema tickets, ticked up to 5%.
Food price inflation remained unchanged from September, but alcohol and tobacco prices rose sharply.
Russ Mould, investment director at AJ Bell, said policymakers could argue inflation at 2.3% is still “relatively low”, but he added householders “will really feel the impact of the last few years’ cumulative price increases”.
He said compared to October 2020, the goods monitored to calculate the UK’s inflation rate was up by 24%
“If policymakers and politicians want to know why consumer confidence remains depressed and voters remain fractious, there is your answer,” he added.
Fiona Cincotta, a financial market analyst, told the BBC the “hotter” than expected inflation rate comes as the Bank of England has “already warned that rates may be cut at a slower pace owing to the uncertain outlook for consumer prices after Labour’s Budget”.
Responding to the latest figures, shadow chancellor Mel Stride said: “Having brought inflation back down to target, we know how important it is for all of us that the government does the same.”
He also questioned the impact of Chancellor Rachel Reeves’ first Budget on prices and the broader economy.
Andrew Bailey, the Bank’s governor, said earlier this month that interest rates were likely to “continue to fall gradually from here”, but cautioned they could not be cut “too quickly or by too much”.
