UK October inflation bounces to 2.3%...It's the best in half a year.

Britain's consumer inflation rate stood at 2.3% a year in October, the Office for National Statistics said.

This is higher than September's 1.7% and the highest in half a year since April, when it was tallied at 2.3%.

It is also higher than the official 2% target of the Bank of England (BOE), the central bank of England (BOE), and 2.2% market expert expectations surveyed by Reuters.

Service inflation was 5.0%, above expert expectations of 4.9%.

The Office for National Statistics explained that rising prices of household energy, including gas and electricity, have driven up overall inflation.

Earlier, Britain's energy regulator Ofgem raised the cap on energy prices, which it sets quarterly, as wholesale prices rose due to geopolitical turmoil and extreme weather events.