Consumer prices rose 11.1% in the 12 months to October, the most since October 1981 and a big jump from 10.1% in September, the Office for National Statistics said on Wednesday.Inflation would have risen to around 13.8% in October had the government not intervened to limit the price of household energy bills to 2,500 pounds a year on average, the ONS said.
"It is our duty to help the Bank of England in their mission to return inflation to target by acting responsibly with the nation’s finances," he said in a statement."These numbers sit uncomfortably alongside the message sent from the Bank of England ... when it argued that only modestly higher interest rates would be necessary to bring inflation back towards its 2% target," Mike Bell, global market strategist at J.P. Morgan Asset Management, said.
Unlike the leap in the headline number, core inflation - which excludes food and energy and other volatile components - was unchanged at 6.5%. Producer price data showed there was still inflation pressure in the pipeline but hinted at a possible slowdown.
Source: News Formal (newsformal.com)
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