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皇冠平台出租:UK inflation jumps to 41-year peak

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Britain’s inflation has risen to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis. – AFP pic, November 16, 2022.

BRITISH inflation has jumped to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis, data showed today on the eve of a key budget.

The Consumer Prices Index hit 11.1% in October, reaching the highest level since 1981, the Office for National Statistics (ONS) said in a statement.

That compared with 10.1% in September, which matched the level in July and had already been the highest in 40 years.

Domestic fuel bills rocketed again despite the UK government’s energy price freeze as the market faced more fallout from key producer Russia’s invasion of Ukraine.

The October figure beat market expectations of 10.7% and was higher than the Bank of England’s forecast peak.

“Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee,” said ONS chief economist Grant Fitzner.

Over the last year, gas prices have leapt by 130% and electricity prices by 66%, according to the ONS.

Runaway inflation comes despite state energy support, which sought to limit annual energy bills at an average of £2,500 (RM13,500) per year.

Finance minister Jeremy Hunt blamed Russian President Vladimir Putin’s war in Ukraine for spiking prices, as well as the easing of pandemic curbs.

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‘Tough’ decisions

Hunt is expected to hike taxes and slash spending tomorrow, despite the cost-of-living squeeze, as Prime Minister Rishi Sunak attempts to fix economic chaos wrought by predecessor Liz Truss.

“The aftershock of Covid and Putin’s invasion of Ukraine is driving up inflation in the UK and around the world,” Hunt said yesterday.

“This… is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth.”

The Ukraine conflict has also sent inflation soaring to the highest level in decades worldwide, sparking economic turmoil.

That has forced major central banks to raise interest rates, risking the prospect of recession as higher borrowing costs hurt businesses and consumers.

The Bank of England (BOE) this month sprang its biggest rate hike since 1989 to combat sky-high inflation – and warned the UK economy may experience a record-long recession until mid-2024.

The BOE lifted borrowing costs by 0.75 percentage points to 3.0% – the highest since the 2008 global financial crisis – to cool UK inflation that it saw peaking at almost 11%.

Hunt said “tough” decisions would be needed in tomorrow’s budget to help the BOE meet its 2.0% inflation target.

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