For the second time this year, UK inflation has hit double digits and investors are waiting to see how bold the Bank of England's next move will be.

According to data from the Office for National Statistics, the UK Consumer Prices Index rose by 10.1% on the 19th of October.

This was a reverse on the previous month when inflation dipped to 9.9%, but this was only a temporary blip as economists were already forecasting a forthcoming rise as higher prices lingered.

Experts said all eyes were now on how the government and Bank of England would react to the inflation news, with interest rates expected to rise further next month.

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