UK INFLATION STRIKES NEW 40-YEAR HIGH OF 10.1% IN SEPTEMBER

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Higher food prices helped push up inflation to 10.1% in September, official data showed on Wednesday.

According to the Office for National Statistics, the consumer price index rose by 10.1% in the 12 months to September, compared to August’s rate of 9.9%. The figure was largely in line with expectations.

On a monthly basis, CPI rose by 0.5% in September, compared to 0.3% in September 2021.

Including owner occupiers’ housing costs, annual CPIH rose by 8.8%, from 8.6% in August. On a monthly basis it rose 0.4%, compared to 0.3% in September 2021.

The ONS said that rising food prices made the largest upward contribution to the change in both CPIH and CPI. The largest downward pressure was transport, as the price of motor fuels and second hand cars continued to fall.

Inflation has been mounting throughout the year, hitting a 40-year high of 10.1% in July before easing slightly to 9.9%.

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