UK inflation rises to 41-year high at 11.1%


London: Britain’s inflation rate rose to a 41-year high in October, fueling calls for the government to do more to ease the nation’s cost-of-living crisis when it unveils new tax and spending plans on Thursday. Consumer prices rose 11.1% in the 12 months to October, compared with 10.1% in September, the Office for National Statistics said. […]

Date of publication – 13:47, Wednesday – 16 November 22

UK inflation has risen to a 41-year high of 11.1%

London: Britain’s inflation rate rose to a 41-year high in October, fueling calls for the government to do more to ease the nation’s cost-of-living crisis when it releases new tax and spending plans on Thursday.

Consumer prices rose 11.1% in the 12 months to October, compared with 10.1% in September, the Office for National Statistics said on Wednesday. The October figure beat economists’ forecasts of 10.7%.

Higher food and energy prices pushed October’s inflation rate to the highest since October 1981, the ONS said.

The new figures come a day before Chancellor of the Exchequer Jeremy Hunt unveils a new budget amid growing calls for higher wages, increased benefits and more spending on health and education as rampant inflation erodes the spending power of people across the country.

Those demands are complicating Hunt’s efforts to close a £50tn budget deficit and restore the government’s financial credibility after the disastrous economic policies of former prime minister Liz Truss undermined investor confidence and fueled turmoil in financial markets.

The US inflation rate fell to 7.7% in October from 8.2% in September.

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