 said. City economists had forecast a rise of 10.7 per cent.Despite the sharp rise Yael Selfin, chief economist at KPMG, believes inflation will start falling in the coming months. 'The combination of weaker growth and the waning impact of global supply shocks could lead to easing price pressures. Nevertheless, inflation could stay above the Bank of England's 2 per cent target until the middle of){kind=link}
Good morning: Headline inflation hit a new 40-year high last month on the back of rising energy bills and higher food prices, according to official data released this morning.
The annual rate of consumer price index inflation rose to a higher-than-expected 11.1 per cent in October, up from 10.1 per cent in September, the Office for National Statistics (ONS) said. City economists had forecast a rise of 10.7 per cent.
Despite the sharp rise Yael Selfin, chief economist at KPMG, believes inflation will start falling in the coming months. “The combination of weaker growth and the waning impact of global supply shocks could lead to easing price pressures. Nevertheless, inflation could stay above the Bank of England’s 2 per cent target until the middle of
© Times Newspapers Limited 2022.
Registered in England No. 894646. Registered office: 1 London Bridge Street, SE1 9GF.