UK inflation revs to 40-year-high amid food cost rise

Stimulus Checks 2022: Some Florida families with kids will get a $450 'inflation relief' check

 U.K. inflation accelerated to a 40-year high in September as the high cost of food crammed family budgets.

Thank you for reading this post, don't forget to subscribe!

The Office for National Statistics said Wednesday that the consumer price index rose 10.1%, compared with 9.9% the previous month. The new data shows inflation returned to the July peak and is again at its highest since early 1982.

The increase was driven by food prices, which leaped by 14.5% from a year earlier, the most significant jump since 1980, the ONS said.

The rise increases expectations that the Bank of England will raise interest rates further and faster as it struggles to return inflation to its 2% target.

See Also:  Saudi Arabia is planning to build the Mirror Line two parallel skyscrapers

It will also make it more difficult for the government’s new Treasury chief, who took office less than a week ago, to restore financial stability after the government’s economic plan roiled financial markets over the past month. Jeremey Hunt has said the government “will prioritize help for the most vulnerable while delivering wider economic stability.”

Russia’s war in Ukraine has boosted food and energy prices worldwide, with shipments of oil, grain, and cooking oil disrupted. That has added to price rises that began last year as the global economy started to recover from the COVID-19 pandemic.

Source

writers
About William Johnson 250 Articles
A keen tech enthusiast who loves to keep a tab on the tech scene, with special emphasis on things like smartphones, tablets, laptops, convertibles and such. Cars happen to be his other passion, not to mention the recent trend here comprising of electric cars and autonomous cars. Off late, he has also started tinkering a bit with stuff like electronic circuits, electric motors a bit though he's just a novice there.