UK inflation jumps to highest level in 10 years as energy bills soar
UK inflation has jumped to the highest level in a decade, hitting a rate more than double the government’s target amid a severe cost of living squeeze from soaring household energy bills.
The Office for National Statistics said the consumer prices index measure of annual inflation rose to 4.2% in October, up from 3.1% in September – the highest rate since November 2011.
Driven by a dramatic jump in household gas and electricity prices, the figure was higher than forecast by City economists, with the annual inflation rate now more than double the 2% target set by the government for the Bank of England to achieve.
The increase will put pressure on the Bank to raise interest rates from as early as next month amid growing concern over the pressure
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