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

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

The consumer price index rose 10.1% from 9.9% the previous month, the National Bureau of Statistics said Wednesday. New data show inflation has returned to its July peak and is back to its highest level since early 1982.

Food prices rose 14.5% year-on-year, the biggest increase since 1980, according to the ONS.

The rise has raised hopes that the Bank of England will raise interest rates even more rapidly as inflation struggles to return to its 2% target.

And less than a week after the government’s new finance secretary took office, it became more difficult to restore financial stability after the government’s economic plans roiled financial markets over the past month. Become. Jeremy Hunt said the government will “prioritize helping the most vulnerable while achieving broader economic stability.”

Russia’s war in Ukraine has disrupted shipments of oil, grains and cooking oil, raising food and energy prices around the world. This has spurred price increases that began last year as the global economy began to recover from the coronavirus pandemic.