United Kingdom: Inflation at its highest level since 2011

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Inflation in the UK rose in October to its highest level since December 2011, mainly due to higher energy prices and supply chain problems.

The consumer price index rose 4.2% year-on-year in October, following a 3.1% rise in September, according to the ONS statistical service.

Economists expected a rise of 4%.

Energy prices have been the main driver of inflation, especially electricity, gas and other fuels, the ONS said.

Further jumps were observed in transport, restaurants and hotels, he said.

The structural index, excluding food and energy, rose 3.4% in October from a year earlier, up from 2.9% in September.

On a monthly basis, the consumer price index rose 1.1% in October from the previous month, to a vertical rise of 0.3% in September.

Economists expect consumer prices to rise further in the coming months, before declining in the second half of 2022.

The Bank of England has hinted that it is expected to raise interest rates soon to curb price increases, most likely from December.

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Source From: Capital

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