UK inflation spurs to 41-year high before Jeremy Hunt’s autumn statement

The inflation rate of the United Kingdom hit a fresh 41-year high in October, increasing to 11.1 per cent amid cost of living crisis stoked by rising energy and food prices, in part due to war in Ukraine. On an annual basis, food price inflation rose sharply to 16.5 per cent on an annual basis, the highest in 45 years, the UK Office of National Statistics said.

The UK’s rate of inflation was 10.1 per cent in September. With an 11.1 per cent inflation rate in October, the Prime Minister Rishi Sunak-led UK is facing the highest level of inflation since October 1981. 

WATCH | Britain to see 80% spike in energy bills, cost of living crisis deepens

For a household with average usage of both gas and electricity, the government in October had capped the bills at £2,500 per month. According to the UK’s Office of National Statistics, gas prices have climbed by nearly 130 per cent while electricity prices have risen by close to 66 per cent over the past year. 

ALSO READ | UK: High inflation casts shadow on fastest rise in wages in 20 years

However, the UK core inflation, excluding food and energy costs, remained at 6.5 per cent in October.

Meanwhile, the British Chancellor of the Exchequer Jeremy Hunt promised to take “tough but necessary decisions on tax and spending” in the Autumn Statement to help bring inflation down. The autumn statement is scheduled to be laid out on November 17. 

“We cannot have long-term, sustainable growth with high inflation. Tomorrow I will set out a plan to get debt falling, deliver stability and drive down inflation while protecting the most vulnerable,” Hunt said in a statement on Wednesday.

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