UK inflation rises to 41-year high at 11.1%

0
12

LONDON (TBEN) — UK inflation rose to its highest level in 41 years in October, fueling the government to do more to ease the country’s cost-of-living crisis when it releases new tax and spending plans on Thursday .

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

ALSO READ  Jimmy Fallon can't get enough of this Joe Biden optical illusion

Higher food and energy prices pushed inflation in October to the highest level since October 1981, the ONS said.

The new data comes a day before Treasury chief Jeremy Hunt is set to unveil a new budget amid growing calls for higher wages, higher benefits, and increased spending on health and education as raging inflation erodes people’s purchasing power across the country .

ALSO READ  Ancient viruses trapped in permafrost for thousands of years are awakening

Those demands complicate Hunt’s efforts to close an estimated £50 billion budget deficit and restore the government’s financial credibility after former Prime Minister Liz Truss’s disastrous economic policies undermined investor confidence and before financial market turmoil took care.

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here