The Office for National Statistics released inflation figures on Wednesday as the UK experiences a historic cost of living crisis and political turmoil.
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LONDON – The consumer price index rose 10.1 percent in September, according to estimates released by the Office for National Statistics on Wednesday, just exceeding consensus forecasts among economists polled by Reuters.
Reuters estimated a 10% increase in September.
Inflation in the UK rose in the year to September 2022 when the country’s cost of living crisis continues to hit households and businesses before a harsh winter. Inflationary unexpectedly dropped to 9.9% in Augustdown from 10.1 percent in July, due to lower fuel prices.
Rising food prices were the biggest contributor to inflation in September, up 14.6% year-on-year. Traffic increased 10.9% year-on-year, while prices of furniture and household goods increased 10.8%.
Sterling fell against the dollar after the news, trading at $1.1289, down from $1.1330.
Inflation data will also affect the Bank of England’s approach in the short term, much like the Bank’s plan. to sell off some of its government bonds, called backendsfrom 1 November.
September’s inflation rate highlights the severity of the UK’s inflation crisis, and comes as the country goes through a period of economic turmoil.
On Monday, Britain’s new Finance Minister Jeremy Hunt has largely reversed tax cuts introduce by his predecessor, Kwasi Kwartengon September 23, and Prime Minister Liz Truss apologized for the “mistakes” made causing serious market disturbances.
Questions are currently being asked How long will Truss stay in the office?.
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