UK’s inflation hikes to 11.1% in October

By MG News | November 16, 2022 at 12:45 PM GMT+05:00

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November 16, 2022 (MLN): The United Kingdom (UK) inflation rate hits a fresh 41-year high in October, accelerating to 11.1% on the back of rising energy and food prices.

The Office for National Statistics said the rate rose from 10.1% in September, putting inflation at its highest level since October 1981.

Moreover, economists in a Reuters poll had expected a rate of 10.7%.

The sharp rise in the cost of living came despite the government’s energy price guarantee, which capped bills for gas and electricity at £2,500 for a household with average usage of both fuels.

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