Inflation is up again this month as the rate of Consumer Prices Index inflation rose to 11.1 per cent in October, from 10.1 per cent in September, the Office for National Statistics said this morning.
It marks the highest level of inflation since January 1982.
City and Bank of England economists had forecast that the latest data would show inflation jumping to 10.7 per cent, from 10.1 per cent in September, so today’s number is higher than anticipated.
The sharp rise comes after the hike in the energy price cap in October as a result of sky-high wholesale prices amid Russia’s war on Ukraine.
Leave a Reply