LONDON: Inflation in the UK topped 10% in September due to soaring food prices, official data showed on Wednesday, putting the country in a cost-of-living crisis.
The consumer price index accelerated to 10.1% on an annual basis, up from 9.9% in August, the National Bureau of Statistics said in a statement.
September tariffs are comparable to July levels, the highest in 40 years as a result of very high energy tariffs.
“We understand that households across the country are struggling with rising prices and high energy bills,” Britain’s new Finance Minister Jeremy Hunt said in a separate statement.
“This government will prioritize helping the most vulnerable while achieving broader economic stability and driving long-term growth that helps all.”
The government is reeling from market turmoil triggered by a budget proposal that promised tax cuts at no cost.
Most of these measures have since been reversed, Prime Minister Liz Truss is fighting to save her job.
Following widespread criticism of the budget, Truss fired Hunt’s predecessor, Kwasi Kwartengu, less than six weeks later.
Analysts said Wednesday’s data will put pressure on the Bank of England to continue sharply raising key rates.
Capital Economics noted that the BoE could hike rates by as much as 1% to 3.25% at its next meeting in November.
https://www.channelnewsasia.com/business/uk-inflation-returns-above-10-cent-3014916 UK inflation is over 10%