UK inflation hits 10-year high

Inflation in Britain hit its highest level in nearly a decade in October after soaring energy prices hit household bills. The The consu...

Inflation in Britain hit its highest level in nearly a decade in October after soaring energy prices hit household bills.

The The consumer price index rose 4.2 percent from a year earlier, the highest since November 2011, and up from 3.1% in September, the Office for National Statistics said on Wednesday. The price increases were more than double the central bank’s 2% target, increasing the likelihood that policymakers will go ahead with the interest rate hikes they signaled.

Rising prices for energy, including wholesale natural gas, which has caused nearly two dozen energy providers in Britain to collapse and disrupted manufacturers. The ceiling on energy bills, which protects around 15 million homes, was raised by 12% in October.

Other big contributors were higher prices for gasoline and hotels and restaurants, the statistics agency said.

The bank of england said he expects inflation to peak at around 5% in the spring. “This period of higher inflation is likely to be temporary,” central bank governor Andrew Bailey said this month. But there is “no fixed unit of time” that defines the transient, he said.

The central bank said “it will be necessary in the next few months” to raise interest rates if economic data turns out as policymakers had expected, especially if the end of the government holiday program did not lead to a sharp increase in unemployment. Within three months until September, unemployment rate was 4.3 percent, 0.2 percentage point lower than in the three months to July, and advance payroll data said only a small number of people lost their jobs in October when the leave program expired.

As the global economy emerged from successive lockdowns over the past year, supply bottlenecks, labor market shortages and other shortages have disrupted supply chains around the world . Policymakers warn that supply problems and the resulting higher prices will last longer than originally anticipated, adding pressure on central bankers to act more aggressively to prevent inflation to get out of hand.

In the United States, the consumer price index jumped 6.2% in October from the previous year, the fastest annual increase since 1990, and prices have increased 4.1% in the euro zone last month, the fastest in 13 years. In China, prices paid by wholesalers to producers reached their highest level in 26 years amid rising prices for raw materials and electricity shortages.

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Newsrust - US Top News: UK inflation hits 10-year high
UK inflation hits 10-year high
Newsrust - US Top News
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