 inflation hit 11.1% in October, remaining in double digit figures and up from 10.1% in September. Here we explain the biggest price risesInflation hit 11.1% in the 12 months to OctoberInflation in the UK has hit a new 41-year high of 11.1% - with rising energy prices and the cost of food being the biggest contributors. Consumer Price Index (CPI) inflation remained in double digit figures in the 12 months to October - and is up from 10.1% in September. It means CPI is now at its highest level since October 1981. The Office for National Statistics (ONS) has revealed the main driving forces behind the latest inflation increase. The sky-high cost of energy bills has been a huge worry for households over the last year - and it comes as no surprise that this was a huge contributor to soaring inflation. Meanwhile, food and non-alcoholic prices rose by an eye-watering 16.4% on the year to October. Here is what happened in October to send inflation surging higher. Mum shares quick and easy hacks to dry clothes even when it's cold outside Energy bills soared in October for millions of households ( Getty Images) The new Energy Price Guarantee kicked in from October 1 - this 'froze' energy bills for the typical household at £2,500 a year But this isn't a total cap on your bill. Instead, it is a limit on unit rates and standing charges - meaning if you use more energy, you'll pay more, or use less, and your bill will be less. However, the Bank of England had warned inflation would have surged above 13% without the energy help - which would've seen households hit with typical bills of £3,549. But this is still higher than the £1,971 Ofgem price cap that was in price before October - and energy bills still remain over £1,000 a year more expensive compared to 12 months ago. The new Chancellor Jeremy Hunt has confirmed that the Energy Price Guarantee will be cut from April 2023, instead of lasting a full two years until October 2024. There will be targeted){kind=link}
Consumer Price Index (CPI) inflation hit 11.1% in October, remaining in double digit figures and up from 10.1% in September. Here we explain the biggest price rises
Inflation in the UK has hit a new 41-year high of 11.1% – with rising energy prices and the cost of food being the biggest contributors.
Consumer Price Index (CPI) inflation remained in double digit figures in the 12 months to October – and is up from 10.1% in September.
It means CPI is now at its highest level since October 1981.
The Office for National Statistics (ONS) has revealed the main driving forces behind the latest inflation increase.