UK inflation rises back to 10% as food costs skyrocket

• Inflation returned to 10.1 percent on an annual basis from 9.9 percent in August.
• The rate for September was identical to the level for July and is the highest in 40 years.
• The largest contributor to inflation in September was the increase of 14.5 percent in food.

British inflation returned to above 10% in September due to rising food costs, according to official data released on Wednesday. The nation is now experiencing a problem related to the cost of living.

The Office for National Statistics (ONS) released a statement stating that the Consumer Prices Index (CPI) increased to 10.1 percent on an annual basis from 9.9 percent in August.

The rate for September was identical to the level for July and is the highest in 40 years due to extremely high energy costs.

According to historical modeled estimates of the CPI, the largest contributor to inflation in September was the increase of 14.5 percent in food and non-alcoholic beverage costs, which was the largest increase since April 1980.

According to the ONS, hotel rates also climbed in September.

In a separate statement, Britain’s incoming chancellor Jeremy Hunt stated, “I realize that households throughout the country are struggling with rising prices and greater energy bills.”

“This government will prioritize aid to the neediest while bringing about greater economic stability and fostering long-term growth that will benefit everyone,” said the statement.

“This government will prioritize aid to the neediest while bringing about greater economic stability and fostering long-term growth that will benefit everyone,” said the statement.

The Bank of England will be under pressure to keep raising its main interest rate by sizable amounts, according to analysts who predicted Wednesday’s report.

At its upcoming meeting in November, the BoE may raise its interest rate by as much as one percentage point to 3.25 percent, according to Capital Economics.

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