UK inflation accelerated further in October to 11.1% year-on-year, the highest in more than 40 years, driven mainly by rising energy costs, the Office for National Statistics (ONS) said on Wednesday. These new faster-than-expected price rises are another blow to British households hit by a sharp rise in the cost of living, ahead of a budget that is expected to mark a return to austerity in the country.
“Rising gas and electricity prices have pushed inflation to a 40-year highdespite a government-imposed price cap, ONS chief economist Grant Fitzner said on Twitter. According to the data of the Statistical Institute, the price of gas has increased by about 130% over the last year, and electricity by 66%. But rising food prices also helped push inflation to its highest level since 1981. Inflation accelerated to 10.1% last month, the highest since 1982. It was outside the expectations of economists and the Bank of England, who had been waiting for inflation to approach. up to, but not exceeding, 11% before starting descent. Massive help for household energy costs was announced by Liz Truss’s previous government to curb rising prices. Originally planned to last for two years, this assistance was shortened to six months by current Chancellor of the Exchequer Jeremy Hunt, who however assured on Tuesday that the government would continue to help households with energy increases, in a different way, even after. winter
“The shock of Covid and (Russian President Vladimir) Putin’s invasion of Ukraine is increasing inflation in the UK and around the world.“hitting the wallet of the house and”.hindering any possibility of long-term economic growth“Mr Hunt responded in a press release on Wednesday. The chancellor repeated that he will announce on Thursday.tough decisions“for”reduce debt, ensure stability and reduce inflation while protecting the most vulnerable“. Tens of billions of pounds of spending cuts and tax rises are expected. Emphasis that reminds Britons of the severe austerity treatment imposed in the wake of the 2008 financial crisis, which led to deep cuts to public services.
Source: Le Figaro
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