Britain’s annual consumer inflation rate hit a 41-year high in October, above the market expectation, mainly due to surging gas and electricity costs, according to data released on Wednesday.
Consumer prices soared 11.1% year-on-year in October, up from a 10.1% hike in September, the Office for National Statistics (ONS) data showed.
The figure was further above both the Bank of England’s target of 2% and its peak forecast of 10.9%.
Prices for gas and electricity jumped 128.9% and 65.7%, respectively from a year earlier in October, the data showed.
“The second largest upward contribution to the change came from rising food prices, while transport (principally motor fuels and second-hand cars) made the largest offsetting downward contribution,” the ONS said in a statement.
The annual core inflation, excluding energy, food, alcohol, and tobacco, increased to 6.5% in October, again at an all-time high.
On a monthly basis, the UK’s consumer prices index jumped 2% in October, accelerated from September’s 1.1% rise.
Source: Anadolu Agency