British inflation hits five-year high

Britain's annual inflation rate stabilized at a record high of 3.0% in October, as rising food prices offset falling fuel prices, announced Tuesday official data.

The 12-month consumer price index was unchanged from the September level, the Office for National Statistics said in a statement. Analysts' consensus forecast a slight rise in the CPI to 3.1%.

Inflation soared this year while a pound sterling pushed up the cost of importation, which led the Bank of England to raise its interest rate. Interest for the first time in ten years.

The BoE tightened borrowing costs to 0.50% from a record high of 0.25%, with UK inflation far exceeding the central bank's target rate of 2.0% .

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