Inflation in Britain: When the government publishes new tax and spending plans on Thursday, there will be more pressure on it to do more to help the country’s cost-of-living crisis as the country’s inflation rate hit a 41-year high in October.
According to the Office for National Statistics, consumer prices increased 11.1% over the past 12 months through October, compared to a 10.1% increase in September. The October number was higher than the 10.7% forecast by economists.
According to the ONS, higher food and energy costs caused October’s inflation rate to reach its highest level since October 1981.
The new information was released a day before Treasury Secretary Jeremy Hunt was expected to present a new budget. As roaring inflation erodes people’s purchasing power nationwide, there are mounting calls for greater wages, bigger benefits, and increased expenditure on health and education.
These demands are making it more difficult for Hunt to balance the budget and repair the government’s financial credibility after Liz Truss’ terrible economic policies eroded investor confidence and caused havoc on financial markets. The budget imbalance is expected to be 50 billion pounds.
From 8.2% in September to 7.7% in October, the US inflation rate decreased.
