The UK’s inflation rate has risen back to the record high of 10.1 percent, driven by soaring food prices.
According to the latest data from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) rose by 10.1 percent in the 12 months to September 2022, up from 9.9 percent in August and returning to July’s 40-year high.
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 increase was driven by food prices leaping by 14.5 percent compared with the same month last year, representing the largest annual rise since 1980, according to data modelling.
Meanwhile, housing and utilities costs leapt by 20.2 percent against the same month last year.
The ONS said the price 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.”
‘Damage Has Been Done’
Commenting on the new inflation figures on Wednesday, Chancellor Jeremy Hunt said he would prioritise help for the vulnerable after the inflation increase was revealed.He said: “I understand that families across the country are struggling with rising prices and higher energy bills. This government will prioritise help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone.
“We have acted decisively to protect households and businesses from significant rises in their energy bills this winter, with the government’s energy price guarantee holding down peak inflation.”
But the main opposition Labour Party said the inflation figures show “the damage has been done.”
Shadow chancellor Rachel Reeves said: “Inflation figures this morning will bring more anxiety to families worried about the Tories’ lack of grip on an economic crisis of their own making.
“It’s clear that the damage has been done. This is a Tory crisis, made in Downing Street and paid for by working people.
“The facts speak for themselves: mortgage costs are soaring, borrowing costs are up, living standards down, and we are forecast to have the lowest growth in the G-7 over the next two years.
“What we need now is to restore financial credibility and a serious plan for growth that puts working people first. That is what Labour will bring.”
