UK inflation has soared to a near-decade high as rising energy and fuel prices pushed up the cost of living.
Source: Office for National Statistics
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The Office for National Statistics (ONS) stated that the rate of Consumer Prices Index (CPI) inflation increased sharply from 3.1% in September to 4.2% last month.
The index, including owner occupiers’ housing costs (CPIH), expanded by 3.8% year on year and rose by 0.9% compared to the previous month.
The increase in annual inflation rate was driven by housing and household services, transport, and restaurants and hotels.
The figures also signaled a sharp increase in fuel costs and inflation building across food, household goods, and hospitality as supply chain disruption heightened.
At the same period, the Producer Price Output index rose 8% annually, while the input indicator rose 13% in 12 months leading to October.