UK annual inflation tops 11%, hits 41-year high
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The consumer price index in the UK rose to 11.1% in annual terms, testify published today, November 16, data from the National Statistics Office (ONS) of the UK. This is the highest figure for the last 41 years and higher than the forecasts of the Central Bank of Great Britain, which expected inflation in October at 10.9%. However, rising electricity prices have caused inflation to break the previous record set in July. In October, gas prices rose by almost 36.9%, while electricity prices rose by 16.9%.
Economists note that wage growth in the UK has so far lagged behind rising prices, leading to lower living standards and putting pressure on Rishi Sunak’s government. The inflation rate for low-income households was 11.9%, compared to 10.5% for wealthier ones.
Core inflation, which excludes energy, food, alcohol and tobacco prices, remained unchanged in October at 6.5%. Prices for food and drinks rose by 2% in a month. Gasoline and diesel prices fell 0.5% on the month after increasing a year ago. Tomorrow, Nov. 17, Treasury Secretary Jeremy Hunt is due to announce fiscal measures, including plans for government subsidies for electricity after the end of the current state aid package in April.
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