UK inflation surges to highest rate in nearly a decade

uk inflation surges to highest rate in nearly a decade

Sumary of UK inflation surges to highest rate in nearly a decade:

  • LONDON (AP) — U.K. inflation surged to the highest level in nearly a decade in October as energy costs soared and prices rebounded after sharp declines during the early months of the COVID-19 pandemic, according to government statistics released Wednesday.
  • The Office for National Statistics said consumer price inflation accelerated to 4.2% in the 12 months through October, from 3.1% the previous month.
  • “Costs of goods produced by factories and the price of raw materials have also risen substantially and are now at their highest rates for at least 10 years,” Office for National Statistics chief economist Grant Fitzner said.

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