British inflation has jumped to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis, data showed Wednesday on the eve of a key budget, IgbereTV reports
The Consumer Prices Index hit 11.1 percent in October, reaching the highest level since 1981, the Office for National Statistics (ONS) said in a statement.
That compared with 10.1 percent in September, which matched the level in July and had already been the highest in 40 years.
Domestic fuel bills rocketed again despite the UK government’s energy price freeze as the market faced more fallout from key producer Russia’s invasion of Ukraine.
The October figure beat market expectations of 10.7 percent and was higher than the Bank of England’s forecast peak.
“Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee,” said ONS chief economist Grant Fitzner.
Over the last year, gas prices have leapt by 130 percent and electricity prices by 66 percent, according to the ONS.
Runaway inflation comes despite state energy support, which sought to limit annual energy bills at an average of £2,500 per year