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UK inflation moves back to 40-year high as Britons battle cost-of-living crisis

The Office for National Statistics released inflation figures on Wednesday as Britain grapples with a historic cost of living crisis and political turmoil.

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LONDON — The consumer price index rose 10.1 percent in September, according to estimates published Wednesday by the Office for National Statistics, just exceeding a consensus forecast among economists polled by Reuters.

Reuters estimated a 1[ads1]0% increase for September. The figure for September matches the 40-year high UK inflation reached in July.

The rate rose in the year to September 2022 as the country’s cost of living crisis continues to hammer households and businesses ahead of a tough winter. Inflation unexpectedly fell to 9.9% in August, down from 10.1% in July, on the back of a drop in fuel prices.

Rising food, transport and energy prices were the biggest contributors to inflation, the ONS said. Food was up 14.6% from the previous year, transport was up 10.9% compared to last year, while the price of furniture and household goods rose 10.8%.

Sterling fell against the dollar following the news, trading at $1.1289, down from $1.1330.

The inflation data will also affect the Bank of England’s approach in the near term, just as the bank plans to sell off some of its government bonds, known as gilts, from November 1.

UK Chancellor of the Exchequer Jeremy Hunt said in a statement that “help for the most vulnerable” would be a priority as Britain endures high inflation rates, along with “delivering wider economic stability and driving long-term growth that will help everyone”.

September’s inflation rate highlights the severity of Britain’s inflation crisis, and comes as the country undergoes a period of economic volatility.

On Monday, new British Chancellor of the Exchequer Jeremy Hunt reversed the majority of tax cuts introduced by his predecessor, Kwasi Kwarteng, on September 23, and Prime Minister Liz Truss apologized for “mistakes” that had caused serious market turmoil.

Questions are now being raised about how long Truss will be in office.

UK inflation moves back to 40-year high as Britons battle cost-of-living crisis

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