Wednesday 16 November 2022 07:17 AM Inflation soars to FORTY-YEAR high of 11.1% trends now
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Inflation in the UK has jumped to 11.1% in October with experts warning that it still may not have peaked due to the soaring prices of electricity, gas, food and diesel.
The gloomy figure is the worst for four decades and up from 10.1% in September - and significantly worse than the 10.7% consensus forecast by economists.
Commenting on today's inflation figures for October, ONS Chief Economist Grant Fitzner said: 'Rising gas and electricity prices drove headline inflation to its highest level for over forty years, despite the Energy Price Guarantee. Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%.
'Increases across a range of food items also pushed up inflation. These were partially offset by motor fuels, where average petrol prices fell on the month, while the price for diesel rose taking the disparity in price between the two fuels to the highest on record.
'There was further evidence that costs facing businesses are rising more slowly, driven by crude oil and petroleum prices'.
Real pay, which takes into account rising inflation, is down 2.7 per cent as of this September compared to last year
Wages rose at a record pace in the year to September – but are still being outpaced by the soaring cost of living.
Regular weekly pay jumped by an average of 5.7 per cent, the strongest rise outside of the pandemic period since records began in 2001, according to the Office for National Statistics.
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