Rising energy costs make inflation rocket to 41-year high

Britain’s inflation rate rose to 11.1% last month, according to the Office of National Statistics

Big Zero Report 2022

Inflation jumped to 11.1% in October, driven by soaring energy costs, the UK’s national statistical agency has confirmed.

The Office for National Statistics (ONS) data shows that consumer prices soared in the 12 months through October, with higher food and energy prices driving 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 soaring energy price cap in October 2021 and April 2022.

The ONS analysis stresses that rising energy and food costs have a larger impact on the inflation rate experienced by low income households, as a greater proportion of their spending is spent on essentials compared with high-income households.

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