Inflation plateaus at 2.4%: ONS

CPIH, which is now used as its headline measure and which includes owner occupiers’ housing costs, also remained unchanged from September at 2.4%.

Downward contributions from food and drink and clothing, were offset by upward contributions from rising petrol, diesel and domestic gas prices.

Laith Khalaf, senior analyst at Hargreaves Lansdown, commented: "Inflation is still above target, but tolerably so for the moment. The effect of weaker sterling has faded, but rising fuel and energy prices have taken up the baton in keeping inflation elevated. Moreover wage growth is at its highest level since 2008, which suggests domestic inflationary pressures might start adding to the mix too.

"Brexit is still the elephant in the room when it comes to the future path of inflation, and consequently of monetary policy. That’s because the pound now waxes and wanes with the Brexit negotiations, and that has a big impact on how much UK consumers pay for imported goods.

"A disorderly Brexit would see the pound fall and inflation rise, and if you believe Mark Carney, that could mean a rate hike or a cut. Meanwhile what the market sees as a positive Brexit deal will deliver a higher pound and lower inflation, and would most likely embolden the Bank of England to raise rates more aggressively.

"It now looks like we are inching towards a resolution on Brexit, though there are many hard yards left to cover. The pound has duly rallied, but we have seen such gains given up before as political developments in the UK take a new turn.

"Until more clarity on Brexit emerges, we can expect continued volatility in the pound, an ambiguous inflation outlook, and a central bank which is sitting firmly on its hands."