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Christmas Stretch: UK Inflation Highest In Nearly A Decade

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A women holds a nozzle to fuel her car in London, Wednesday, Nov. 17, 2021. Consumer prices in the United Kingdom surged at the fastest rate in nearly a decade in October amid soaring energy costs, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will raise interest rates next month. The Office for National Statistics said inflation accelerated to 4.2% in the 12 months through October, from 3.1% the previous month. (AP Photo/Frank Augstein)

(AP) — Consumer prices in the United Kingdom surged at the fastest rate in nearly a decade in October amid soaring energy costs.

The development Wednesday has cemented market expectations that the Bank of England will raise interest rates next month.

The Office for National Statistics says inflation accelerated to 4.2% in the 12 months through October, from 3.1% the previous month. The bigger-than-expected increase pushed inflation to its highest level since November 2011 and means most people will be enduring a drop in living standards in the run-up to Christmas as household incomes get stretched.

 

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