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U.K. CPI hits 11.1% as energy, food price rises pummel consumers

Published 16/11/2022, 07:20
Updated 16/11/2022, 07:20
© Reuters.

© Reuters.

By Geoffrey Smith 

Investing.com -- Inflation in the U.K. leaped to a new multi-decade high in October as rising prices for food and energy kept up the relentless pressure on consumers' disposable incomes.

The Office for National Statistics said the consumer price index rose by 2.0% from September alone, and was up 11.1% from a year earlier, despite efforts by the government to limit the rise in regulated household energy bills. Economists had forecast a monthly gain of 1.7% and an annual rate of 10.7%. 

The figures are the latest evidence of U.K. incomes failing to keep up with inflation this year, even though wages too are rising at their fastest pace in 20 years. Data released on Tuesday showed average earnings excluding bonuses rose 5.7% on the year through September.

Latest comments

cost of sanctions crisis - all else is dim distraction.
RISE TAXES ! 👆 People in UK 🇬🇧 waste too much money 💷 .The government should stop 🛑 the madness
There is over 2.5 billion barrels around our shores but oil and gas companies aren't extracting it because governments have told them it doesn't fit with net zero. total madness
agreed. but remember to out your cardboard in the recycling to help save the planet!
the biggest issue is fuel cost, business that contract have finished are know being quoted 80pkw from 10pkw , even with the government cap which is at 25pkw, that almost 3rise on electric bill and we don't even know what going to happen after the 6month
True and I'm in a world of pain because of it. When the rest of Europe and the UK's industrial and manufacturing base clears off to China it'll be net zero alright, net zero GDP!
Rising energy costs drive up inflation again because the price of energy drives up the cost of every single thing we buy. The BoE will raise interest rates again in effect to combat rising energy costs(?) But raising interest rates will not bring down the cost of energy. The rise in energy costs are a government problem not the BoE's. They cannot control rising energy prices because they are not consumer driven
Time for some agresive 75-100 bps raises.
Higher the price, higher the tax take.
Ay...and there's the rub. The government is definitely short of money at the moment. But raising interest rates combined with uncontrollably energy prices are both adding to inflationary pressures on people's pockets. Most people can ride the storm but it's the ones on benefits who can't. That's why they are increasing benefits to cushion that ***** Because the BoE couldn't care a ********who cuts back on spending as long as somebody does...and it's usually the less well off who have to
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