November 26, 2022

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UK inflation rose to 10.1% as food and energy prices continued to rise

UK inflation rose to 10.1% as food and energy prices continued to rise

The Office for National Statistics released inflation figures on Wednesday as the UK goes through a historic cost-of-living crisis and political turmoil.

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LONDON – The Consumer Price Index rose 10.1% in September, according to estimates published on Wednesday by the Office for National Statistics, exceeding the consensus of expectations among economists polled by Reuters.

Reuters estimated a 10% increase for the month of September.

UK inflation rose in the year to September 2022 as UK inflation rose The cost of living crisis in the country Continue to hit homes and businesses before a harsh winter. inflation It unexpectedly fell to 9.9% in Augustdown from 10.1% in July, on the back of lower fuel prices.

Increased food prices were the biggest contributor to inflation in September, up 14.6% year over year. The transportation sector increased by 10.9% compared to last year, while the prices of furniture and household goods increased by 10.8%.

Sterling pound It fell against the dollar on the news, trading at $1.1289, down from $1.1330.

Inflation data will also influence the Bank of England’s approach in the near term, just as the Bank plans to To sell some of its government bonds, known as government bondsfrom 1 November.

The September inflation rate highlights the severity of the UK’s inflation crisis, and comes at a time when the country is going through a period of economic volatility.

On Monday, the new British finance minister Jeremy Hunt reversed the majority of tax cuts inserted by his predecessor Kwasi QuartingOn September 23, Prime Minister Liz Truss apologized for the “mistakes” that had occurred Caused severe market turmoil.

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Questions are now being asked about How long will Truss be in office?.

This is a breaking news story, please check back later for more information.