The Office for National Statistics released inflation figures on Wednesday as the UK experiences a historic cost of living crisis and political turmoil.
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LONDON – The consumer price index rose 10.1 percent in September, according to estimates released by the Office for National Statistics on Wednesday, just exceeding consensus forecasts among economists polled by Reuters.
Reuters estimated a 10% increase in September. The number of September is suitable for UK inflation hits 40-year high in July.
Rate of increase for the year to September 2022 when the country’s cost of living crisis continues to hit households and businesses before a harsh winter. Inflationary unexpectedly dropped to 9.9% in Augustdown from 10.1 percent in July, due to lower fuel prices.
The ONS said rising food, transport and energy prices were the biggest contributors to inflation. Food increased 14.6% year-on-year, traffic increased 10.9% year-on-year, while prices of furniture and household appliances increased 10.8%.
Sterling fell against the dollar after the news, trading at $1.1289, down from $1.1330.
Inflation data will also affect the Bank of England’s approach in the short term, much like the Bank’s plan. to sell off some of its government bonds, called backendsfrom 1 November.
British Finance Secretary Jeremy Hunt said in a statement that “helping the most vulnerable” would be a priority as the UK staved off high inflation, along with “providing stability”. broader economy and fostering long-term growth that benefits everyone.”
September’s inflation rate highlights the severity of Britain’s inflation crisis, and comes as the country goes through a period of economic turmoil.
On Monday, Britain’s new Finance Minister Jeremy Hunt has largely reversed tax cuts introduce by his predecessor, Kwasi Kwartengon September 23, and Prime Minister Liz Truss apologized for the “mistakes” made causing serious market disturbances.
Questions are currently being asked How long will Truss stay in the office?.
