Energy bills are shooting up once again as the 3rd major British energy supplier raises prices by over 10%. Two other companies will be raising prices by 8.2% and 9.2% in December.

Energy prices are the biggest inflationary factor in the UK and so we can expect the pressure to be to the upside on further data releases. There’s unlikely to be much good news forthcoming at the BOE’s quarterly inflation report meeting next month either. Unfortunately there’s very little the BOE can do with external inflation.