The annual rate of inflation rose to 11.1% in October, up from 10.1% in the 12 months to September, the Office for National Statistics said on Wednesday. The sharp increase in living costs was caused by rising gas and electricity prices, despite a government energy price guarantee, which caps energy bills at £2,500 for the typical household. Food price inflation rose to 16.4%.
The prices of goods and services bought or consumed by UK households increased by 2% between September and October, according to the ONS. That means that in the space of one month, prices rose by as much as they did in the entire year to July 2021. The acceleration in inflation even as the economy weakens presents a conundrum for policymakers because Britain’s economy is expected to suffer as the Bank of England keeps raises borrowing costs to cap rising prices.
This is Biden’s fault too, right?
Bidens fault?
Yep, the Conservatives have screwed us.
Wake up. It’s coming.
😲
We’re fucked
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