UK inflation hits 41-year high after climbing to 11.1%

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The rate of year-on-year inflation in the United Kingdom stood at 11.1% last Octobercompared to the 10.1% registered in September, which represents the largest increase in prices since 1981, as reported on Wednesday by the British National Statistics Office (ONS, for its acronym in English).

The agency indicated that it is the highest year-on-year inflation rate recorded in a month in the historical series current, which began in January 1997, although the estimation models prior to that date (which are not recorded) suggest that inflation would only have registered a higher level in October 1981, when it reached 11.2%.

In the month of October, the year-on-year rise in the price of food and non-alcoholic beverages accelerated to 16.2%, compared to 14.5% in September, while housing supplies increased their cost by 26.6% from 20.2% in the previous month. For its part, transport moderated its year-on-year increase to 8.9% from 10.6% in September.

In its analysis, the ONS noted that, despite the introduction of the energy price cap by the Government, the prices of gas and electricity were the main contributors to inflation. According to his estimate, without the implementation of the cap on energy prices, the prices of electricity, gas and other fuels would have increased by almost 75% between September and October 2022, instead of 25%, raising the rate of year-on-year inflation at 13.8%.

For his part, he underlying CPIwhich excludes the volatility of energy, food, alcohol and tobacco prices increased 6.5% in the 12 months until October, in line with the data from the previous month. In monthly terms, prices registered an increase of 2% in the tenth month of the year.

Source: lainformacion.com

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