British inflation leapt to a 41 year high of 11.1% last month, driven by the rapidly increasing cost of energy.
The increase was revealed by the Office of National Statistics, which showed inflation rose from the 10.1% reading in September, as energy costs continued to skyrocket. The rise occurred in spite of the government’s attempts to limit the wholesale costs of gas and electricity through their energy price guarantee.
Food, which rose at the fastest yearly rate since 1977 was cited as the other major factor driving inflationary pressures. The ONS noted that at 11.1%, the Consumer Price Index (CPI) was the highest it had been since October of 1971.
The report noted that between September and October of 2022, prices rose as much as they had in the entire first six months of 2022.
In a Reuters poll, economists has predicted that inflation would only rise to 10.7%, which would have marked a rate of inflation that was still double that of wage growth.
Much of the inflationary environment seen in the UK has been triggered by Russia’s invasion of Ukraine, which has driven energy prices stratospheric and increased the cost of other commodities such as wheat, driving their costs through the roof.