According to AFP, British inflation returned to double digits in September, pushed up by soaring food prices as the country grappled with a cost-of-living crisis.
According to the Office for National Statistics, the Consumer Prices Index increased to 10.1 percent on an annual basis, up from 9.9 percent in August and returning to its July high.
The September rate matched the July level and is the highest in 40 years, owing to sky-high energy bills.
“I understand that families across the country are struggling with rising prices and higher energy bills,” Britain’s new finance minister Jeremy Hunt said in a separate statement.
“This government will prioritise help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone.”
Skyrocketing Food Prices, Dollar Shortage Drive Up Inflation
The government has been rocked by chaos in markets in the wake a budget that pledged uncosted tax cuts.
The majority of those measures have since been reversed, leaving Prime Minister Liz Truss fighting to save her job.
Following widespread criticism over the budget, Truss sacked Hunt’s predecessor, Kwasi Kwarteng, after less than six weeks in the role.
Analysts said Wednesday’s data would put pressure on the Bank of England to keep raising its main interest rate by sizeable amounts.
Capital Economics noted that the BoE could hike its rate by as much as one percentage point to 3.25 percent at its next meeting in November.
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