UK October CPI +0.1% M/M, +2.7% Y/Y (wow!!!)

The y/y increase is demonstrably stronger than Reuter’s median forecast of +2.3%.

Cable marked higher, up at 1.5895.

ONS says rise driven by university tuition fees, food and transport.

Elsewhere, October output prices rose +0.1% m/m, +2.5% y/y. Core producer output prices +0.1%, +1.4% respectively. The core y/y increase highest since June.