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Milk and cheese causes 45-year food price inflation

Milk and cheese causes 45-year food price inflation

Milk and cheese causes 45-year food price inflation

Milk and cheese causes 45-year food price inflation

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  • Food price inflation increased to 16.2% in the year to October, up from 14.5% in September.
  • Overall inflation rate for October was 11.1%, higher than it has been in 41 years.
  • The most recent data were released ahead of Thursday’s Autumn Statement.
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The cost of staples like milk, cheese, and eggs is rising at its quickest rate in 45 years, as food prices rise at an unprecedented rate.

According to the most recent data, food price inflation increased to 16.2% in the year to October from 14.5% in September.

The price of energy and fuel also increased significantly, driving the inflation rate overall to its highest level since 1981.

The rising cost of living is straining household budgets and putting a lot of people in a difficult situation.

Poorer households were particularly heavily hit, according to the Office for National Statistics (ONS), as they spent roughly half of their income on food and energy, compared to about a third for middle-class households.

The overall inflation rate for October was 11.1%, which is higher than it has been in 41 years and up from 9.1% in September.

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The most recent data were released ahead of Thursday’s Autumn Statement, in which Chancellor Jeremy Hunt is anticipated to propose tax increases and public spending reductions totaling billions of dollars.

In order to get the economy back on track, Mr. Hunt said he would make “difficult but necessary decisions” as part of his measures to rein in spiraling price increases.

But Labor’s shadow chancellor Rachel Reeves said the surging inflation rate would “strike more fear in the heart of families across Britain” and blamed “12 years of Tory economic failure”.

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A “basket of goods” is a collection of hundreds of commonplace items whose prices are tracked by the Office for National Statistics (ONS) in order to calculate inflation, a measure of the cost of living.

According to the ONS, prices for milk, pasta, margarine, eggs, and cereals all increased in October.

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