UK Inflation Back At 40-year High As Food Prices Soar - UPLOADMOON

UK inflation back at 40-year high as food prices soar


CNN Business

Rising food and housing costs drove UK inflation back to a 40-year high in September.

The annual rate of inflation rose to 10.1% in September, up from 9.9% in the 12 months to August, the Office for National Statistics said on Wednesday. That returns it to July’s recent high.

Soaring food prices were the largest single contributor to the acceleration in inflation, the ONS said.

The return to double-digit inflation will be worrying for the Bank of England, which meets on November 3 to set interest rates. Governor Andrew Bailey has said that a “stronger response” may be needed to get a handle on price rises.

Responding to the latest inflation numbers, UK Finance Minister Jeremy Hunt said the government “will prioritize help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone.”

— This is a developing story and will be updated.


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