UK inflation at a 41-year high of 11.1%

UK inflation at a 41-year high of 11.1%
UK inflation at a 41-year high of 11.1%. Image: Viktollio/

Food inflation in the country rises to 16.4 as gas prices climb nearly 130% 

As reports of the UK´s economic recession makes headlines, inflation in the country has reached its highest in 41 years at 11.1%. According to a report in CNN on Wednesday, November 16, rising energy costs are being blamed for the fresh increase in the rate of inflation.  

The cost of living in the country has increased due to electricity and gas prices. This is in spite of a guarantee from the U.K government which, according to the report, caps energy bills at £2,500 for an average household.  

The report also adds that food price inflation also rose in the country by 16.4%. The prices of goods and services also increased by 2%, the report adds between September and October. 

“Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%,” ONS chief economist Grant Fitzner said in a statement, according to the report.  

Meanwhile, Jeremy Hunt, UK finance minister is expected to present the new government budget on Thursday. According to the report, the minister is most likely to announce a major rise in taxes and spending cuts in order to reduce debt.  

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