Official UK data showed that the country’s inflation accelerated in October to its highest level in more than 40 years, driven by higher domestic electricity bills in light of a deepening cost-of-living crisis.
The Office for National Statistics said in a statement ahead of the state budget release that the consumer price index stood at 11.1% in October, compared with 10.1% in September.
The Guardian reported that gasoline prices fell 2.9p per liter in October, while diesel prices rose 2.3p per liter.
Food and non-alcoholic beverage prices also rose 16.4% in the 12 months to October 2022, compared to 14.6% in September 2022.
On top of a staggering rise in consumer prices, producer input prices rose 19.2% in October from 20.8% last month as commodity inflation eased.
Source: The Guardian