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UK prices soar fastest in 10 years

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The cost of living has surged at its fastest pace in almost 10 years, hitting 4.2 percent in the year to October.

It is mainly due to higher fuel and energy prices but the cost of second-hand cars and eating out also rose, the Office for National Statistics said.

Inflation is up sharply since Covid restrictions ended this year and the economy reopened.

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The Bank of England says it may have to raise interest rates in the “coming months” to tackle rising prices.

October’s reading is far higher than the 3.1 percent rise recorded in the year to September and more than double the bank’s target of 2 percent.

Household energy bills were the biggest driver of inflation after Ofgem, the energy regulator, lifted the price cap on domestic gas and electricity last month.

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It meant that gas bills rose by 28.1 percent in the year to October while electricity prices climbed by 18.8 percent.

Petrol prices also rose by 25.4 pounds to 138.6 pounds per litre amid a surge in global oil prices. That’s the highest price since September 2012.— BBC

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