Inflation soars from 3.1% to 4.2% in a month, ONS reveals
Inflation soars to highest rate in nearly a decade from 3.1% to 4.2% in a month, ONS reveals
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The rate of Consumer Price Index inflation increased to 4.2 per cent in October from 3.1 per cent in September, the Office for National Statistics said this morning.
Grant Fitzner, chief economist at the ONS, said: ‘Inflation rose steeply in October to its highest rate in nearly a decade.
‘This was driven by increased household energy bills due to the price cap hike, a rise in the cost of second-hand cars and fuel as well as higher prices in restaurants and hotels.
‘Costs of goods produced by factories and the price of raw materials have also risen substantially and are now at their highest rates for at least ten years.’
It comes after a Reuters poll of economists had pointed to a reading of 3.9 per cent. Today’s figure is more than double the Bank of England’s 2 per cent target.
More to follow
The rate of CPI inflation increased to 4.2 per cent in October from 3.1 per cent in September
The ONS said the price of goods produced by UK factories rose 8 per cent in the year to October 2021. This is up from the 7 per cent growth in the year to September 2021
The ONS said the price of materials and fuels used by manufacturers rose 13 per cent in the year to October 2021. This is up from the 11.9 per cent growth in the year to September 2021
