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Soaring food prices push UK inflation back to 40-year high & More Trending News

 

  • UK inflation hits 10.1% in September, matching 40-year high
  • Food prices rise by most since 1980
  • Pounds slips on knowledge, BoE below strain to elevate charges

LONDON, Oct 19 (Reuters) – The greatest leap in food prices since 1980 pushed British inflation back into double digits final month, matching a 40-year high hit in July in a brand new blow for households grappling with a cost-of-living disaster.

The Office for National Statistics stated the buyer worth index (CPI) elevated by 10.1% in annual phrases in September. A Reuters ballot of economists had pointed to a studying of 10.0%, after a 9.9% rise in August.

The pound slipped beneath $1.13 on the information and was final down 0.2% on the day.

The figures hammered dwelling the tough atmosphere for British households, particularly these on the bottom incomes, who face new uncertainty in regards to the extent of monetary assist obtainable to them after current authorities U-turns.

The Bank of England may also really feel below strain to step up its rate of interest mountaineering marketing campaign subsequent month in mild of Wednesday’s knowledge.

Short-dated British authorities bond yields, that are delicate to modifications in rate of interest expectations, rose strongly in early buying and selling.

Food and non-alcoholic drinks prices had been the largest driver of inflation in September as they rose by 14.5%, the largest leap since April 1980 in accordance to historic modelled estimates of the CPI.

UK food and drink prices rise at quickest charge since April 1980: ONS

RISING CORE INFLATION

Hotel prices additionally elevated in September, the ONS stated.

“Today’s release highlights the danger that underlying inflation remains strong even as the economy weakens,” stated Paul Dales, chief UK economist at consultancy Capital Economics.

He pointed to rising core inflation, a measure that excludes risky food and vitality prices, which hit a brand new 30-year high of 6.5%.

The September inflation determine is used as a reference level for the “triple lock” indexing of state pensions – however pensioners are but to hear a transparent reply from the federal government about whether or not they are going to rise in keeping with prices subsequent 12 months.

Government assist for family and enterprise vitality payments can also be doubtful after new finance minister Jeremy Hunt restricted the scope of the programme to six months, from two years beforehand.

Many households face rising prices as a direct results of the monetary market fallout from Prime Minister Liz Truss’s financial development agenda, which Hunt largely reversed on Monday in a drive to restore shattered investor confidence in Britain.

Even with out the current political and monetary turmoil, Britain was hit onerous by the surge in European pure gasoline prices attributable to Russia’s invasion of Ukraine, which has added to post-COVID supply-chain bottlenecks and labour shortages, creating an intense squeeze on dwelling requirements.

Reporting by Andy Bruce and Ana Nicolaci da Costa; modifying by William James, Kate Holton, Paul Sandle and Alex Richardson

Our Standards: The Thomson Reuters Trust Principles.

Soaring food prices push UK inflation back to 40-year high

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