 rate of inflation hit 11.1% in the 12 months to October - up from the previous figure of 10.1%. It means UK inflation remains in double digits - and is now at its highest level since 1981. The latest inflation rate comes after energy bills soared for households when the new Energy Price Guarantee kicked in from October 1. The Energy Price Guarantee "froze" energy bill prices at £2,500 for the typical household - but it isn't a total cap on your bill. Asda joins Lidl in rationing out eggs as UK supermarkets face shortages Households are struggling to pay their bills ( Getty Images) What is actually capped is the unit rates and standing charges - so your energy bill can be higher or lower than this £2,500 figure. The new Chancellor Jeremy Hunt confirmed last month that the Energy Price Guarantee will be watered down from April 2023, instead of lasting a full two years. There will be targeted energy help instead, although the Government has yet to say who will receive this. The Bank of England had warned that inflation would have surged above 13% last month without the energy help - which would've seen households hit with typical bills of £3,549. Economists polled by Reuters had expected the rate of inflation to rise to 10.7%. What is inflation? Inflation is used to show how much the prices of everyday goods and services have increased over time. When the rate of inflation increases, it means the cost of living is becoming more expensive. For example, if something cost £1 a year ago and now costs £1.02 today, that rate of inflation would be 2%. The ONS releases inflation figures every month, a){kind=link}
Inflation is used to show how much the prices of everyday goods and services have increased over time – when it increases, it means the cost of living is becoming more expensive
UK inflation has risen again as prices continue to soar at their fastest level in more than 40 years – heaping more pressure on households.
The Consumer Price Index (CPI) rate of inflation hit 11.1% in the 12 months to October – up from the previous figure of 10.1% in September.
It means UK inflation remains in double digits – and is now at its highest level since 1981.
Rising energy prices and the soaring cost of food were two of the biggest contributors of rising inflation.