UK Inflation Back to Double-Digits As Price Rises Hit 10.1%
TEHRAN (Tasnim) – The increase in the cost of living accelerated to 10.1% in September as living costs continued to hit household budgets, bringing it to a 40-year high in July after food prices soared.
The inflation figure for September has returned to July's high of 10.1%. This set a 40-year record because the last time it had gone over 10% was in February 1982 when it reached 10.2%.
The price rises were driven up by the surge in gas and electricity bills over the last year, and the jump in food and drink costs, Yahoo News reported.
This is a slight increase from August when it was 9.9% and just above forecasts of 10%. On a monthly basis, consumer prices rose by 0.5% in September, which is the same as in August.
Inflation is the increase in price of something over time. For example, if a bottle of milk costs £1 one year and £1.10 the next year, then that's an annual inflation rate of 10%.
ONS director of economic statistics Darren Morgan said: “After last month’s small fall, headline inflation returned to its high seen earlier in the summer.
“The rise was driven by further increases across food, which saw its largest annual rise in over 40 years, while hotel prices also increased after falling this time last year.
“These rises were partially offset by continuing falls in the costs of petrol, with airline prices falling by more than usual for this time of year and second-hand car prices also rising less steeply than the large increases seen last year.
“While still at a historically high rate, the costs facing businesses are beginning to rise more slowly, with crude oil prices actually falling in September.”
Food and drink price inflation has hit its highest level since April 1980. The figures show that food and non-alcoholic beverage prices rose by 14.6% over the last year, up from 13.1% in August.
Food inflation has now risen for the last 14 months, up from negative 0.6% in July 2021.
The largest upward effects came from bread and cereals, meat products, and milk, cheese and eggs in September.
Chancellor Jeremy Hunt said the government would prioritize help for the most vulnerable amid uncertainty that Downing Street will increase benefits by the rate of inflation.