- The UK inflation rose to 11.1% in October due to energy costs.
- Britain’s inflation reached its highest point since October 1981.
The UK’s national statistical agency has confirmed that inflation rose to 11.1% in October, driven by soaring energy costs.
The Office for National Statistics (ONS) data revealed that consumer prices soared in the 12 months through October. Higher food and energy prices drove Britain’s inflation to the highest point since October 1981.
The ONS said: “Sharp increases in global wholesale gas prices have pushed up energy prices in the UK, with 12-month inflation rates for October of 65.7% for electricity and 128.9% for gas.”
Energy prices have also increased due to the high energy price cap in October 2021 and April 2022.
The ONS analysis stresses that rising energy and food costs have an enormous impact on the inflation rate experienced by low-income households, as a more significant proportion of their spending is spent on essentials compared with high-income households.