Sunday, December 3, 2023

Consumer price rises soar to 4.2% in October

THE cost of living surged to 4.2% in October due to rising fuel and energy costs, according to new data reports the BBC.

The consumer price index measure of inflation is now more than double the Bank of England’s target.

The costs of transport, hospitality, household goods and energy all climbed, the Office for National Statistics (ONS) said.

Inflation has risen sharply since the economy reopened, driven by surging demand and supply chain problems.

The Bank of England has said it may have to increase interest rates “in the coming months” to tackle the problem.
October’s reading is far higher than the 3.1% recording in the year to September and ahead of economists’ forecasts.

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 10 years.”


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