According to the Office for National Statistics, consumer prices rose 11.1% in the 12 months through October, compared to an increase of 10.1% in September. The October number was higher than economists’ expectations of 10.7%.
According to the Office for National Statistics, rising food and energy costs caused the inflation rate in October to reach its highest level since October 1981.
The new information was released a day before Chancellor of the Exchequer Jeremy Hunt is expected to present a new budget. As hyperinflation erodes people’s purchasing power nationwide, there are growing calls for higher wages, greater benefits, and more spending on health and education.
These demands make it difficult for Hunt to balance the budget and repair the government’s fiscal credibility after Liz Truss’s dire economic policies erode investor confidence and cause chaos in the financial markets. The imbalance in the budget is expected to reach 50 billion pounds.
From 8.2% in September to 7.7% in October, the US inflation rate fell.