UK inflation accelerates to 40-year high amid rising food costs | Radio WGN 720

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LONDON (AP) — UK inflation accelerated to a 40-year high in September as soaring food prices weighed on household budgets.

The consumer price index rose 10.1% from 9.9% the previous month, the Office for National Statistics said on Wednesday. The new data shows that inflation has returned to its peak in July and is again at its highest since the start of 1982.

The increase was driven by food prices, which jumped 14.5% from a year earlier, the biggest jump since 1980, the ONS said.

The rise raises expectations that the Bank of England will raise interest rates further and faster as it struggles to bring inflation back to its 2% target.

It will also be harder for the government’s new treasury chief, who took office less than a week ago, to restore financial stability after the government’s economic plan rattled financial markets over the past month. . Jeremey Hunt said the government “will prioritize helping the most vulnerable while ensuring broader economic stability”.

Russia’s war in Ukraine has driven up food and energy prices around the world, with shipments of petroleum, grain and cooking oil halted. This came on top of price increases that began last year as the global economy began to recover from the COVID-19 pandemic.

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