UK consumer price inflation reached a 41-year high in October driven by household energy and food prices, official data showed on Wednesday, ahead of the much-awaited budget announcement.
Consumer prices grew 11.1 percent on a yearly basis, following September's 10.1 percent increase. The rate was the highest since October 1981 and well exceeded economists' forecast of 10.7 percent.
Despite the introduction of the government's Energy Price Guarantee, gas and electricity prices made the largest upward contribution to annual inflation. Food and non-alcoholic beverages also made a large upward contribution, with prices rising 16.2 percent.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
by Renju Jaya
For comments and feedback: contact editorial@rttnews.com