Soaring Food Prices Drive UK Inflation Back to 40-Year High
The UK’s inflation rate has risen back to the record high of 10.1 percent, driven by soaring food prices.
According to the latest data from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) rose by 10.1 percent in the 12 months to September 2022, up from 9.9 percent in August and returning to July’s 40-year high.
ONS Director of Economic Statistics Darren Morgan said, “After last month’s small fall, headline inflation returned to its high seen earlier in the summer.”
The increase was driven by food prices leaping by 14.5 percent compared with the same month last year, representing the largest annual rise since 1980, according to data modelling….