U.K. inflation accelerated to a 40-year high in September as the soaring cost of food squeezed household budgets
The rise increases expectations that the Bank of England will raise interest rates further and faster as it struggles to return inflation to its 2% target.
It will also make it more difficult for the government’s new Treasury chief, who took office less than a week ago, to restore financial stability after the government’s economic plan roiled financial markets over the past month. Jeremey Hunt has said the government “will prioritize help for the most vulnerable while delivering wider economic stability.”Russia’s war in Ukraine has boosted food and energy prices around the world, with shipments of oil, grain and cooking oil disrupted.
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Inflation: Soaring bread and meat costs push prices back to 40-year highThe cost of living is rising at the fastest rate for 40 years, as pressures on households and businesses increase.
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Cost of living rises by more than 10% in a year - and food is up nearly 15%BREAKING: The Office for National Statistics (ONS) has said the rate of Consumer Price Index inflation rose to 10.1% in September from 9.9% in August.
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