MarketIn October, inflation in Britain reached a 41-year high...

In October, inflation in Britain reached a 41-year high of 11.1%.

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Household energy bills and rising food prices sent Britain’s inflation rate to a 41-year high in October, when Chancellor of the Exchequer Jeremy Hunt announced tax hikes and spending cuts to rein in the rise. of prices.

Britain’s Office for National Statistics said on Wednesday that the annual rate of consumer price inflation rose to 11.1% in October, the highest level since October 1981, from 10.1% in September. The rise was larger than economists’ expectations in a Reuters poll, with inflation rising to 10.7%.

The office said inflation could have risen to nearly 13.8% in October had the government not stepped in to limit household energy bills to an average of £2,500 a year ($2,960.25/$ = £0. 8445). Food and soft drinks increased. The fastest rate since 1977.

Commenting on the data, Hunt, who is due to present a new budget on Thursday, said rising prices required “difficult but necessary” decisions.

“Our role is to assist the Bank of England in its mission to return inflation to target through responsible management of the country’s public finances,” Hunt said in a statement.

Low-income households suffer more from inflation than wealthier households, with energy and food costs accounting for the bulk of their expenditure, the statistics office said, adding that low-income households suffer inflation of 11. 9% compared to 10.5%. % for high-income people.

Source: EuroNews

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