Food prices pushed UK inflation to a 40-year high, with the index rising to 10.1% in September.
Darren Morgan, director of economic statistics at the Office for Statistics, said: “Inflation is back at a record level after falling slightly last month. The increase was driven by rising food prices, which recorded their biggest annual increase in 40 years,” the FT reported.
It will be difficult for governments and the Bank of England to return to double-digit inflation. According to experts, price growth has not yet reached its peak.
Also, September inflation is usually used to increase social benefits, in particular the state pension. Jeremy Hunt, the new chancellor, said on Tuesday that there would be problems in keeping a promise to increase pensions. “This government will prioritize helping the most vulnerable, while ensuring economic stability and promoting long-term growth that helps everyone,” Hunt said in a statement.
Source: Hot News RO
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