year high in October, mainly due to rising petrol prices. U.S. crude oil futures hit record highs in October above $55 a barrel but have since fallen sharply to below $47. The gain in the CPI would have been higher if it were not for falling clothing and footwear prices, items which have had a dampening effect on inflation for most of the year. Price reductions in October for cars, certain travel fares and TV and video rentals also had an offsetting effect on inflation, the ONS said. Separately, the ONS said the Retail Price Index, which includes various housing components like the council tax, a municipal tax, that the CPI does not measure, climbed to 3.3 percent year on year in October, the highest since September 2000. The RPI housing component rose 12.0 percent on the year, the biggest annual gain since March 1991 when it was up 14.0 percent. That was mainly due to depreciation, or the amount home owners need to spend to maintain their property.
