UK inflation hits highest level in 40 years

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