The inflation figures released yesterday by the Office of National Statistics (ONS) further indicate the economy is continuing to recover. UK inflation rose last month to 1.3% which was an increase from 1.2% from September.

ONS have stated that the rise was because transport costs fell by less than they did a year ago.

When commenting on the figures, Liberal Democrat Chief Secretary to the Treasury Danny Alexander said, “Consistently low inflation helps give businesses the confidence to invest as well as helping with family budgets. The Liberal Democrats formed the coalition with the central purpose of rescuing, re-wiring and rebalancing the UK economy.

“There are clearly risks ahead arising from uncertainties in the Eurozone and global economy. But combined with record job creation and strong growth, today’s figures show that our recovery plan is working and that we are continuing to make progress.”