UK inflation surges on higher tution fees

Annual inflation in Britain surged to a higher-than-expected rate of 2.7 percent in October largely owing to massive hikes in the country's university tuition fees, official data showed yesterday.
The Bank of England's target rate is set at 2.0 percent.
"The Consumer Prices Index (CPI) annual inflation stands at 2.7 percent in October 2012, up from 2.2 percent in September," the Office for National Statistics (ONS) said in a statement.
"The main upward pressure came from the education sector (university tuition fees) with smaller upward contributions from food and non-alcoholic beverages and transport," the ONS added.