Inflation hits 11.1% as energy bills push level to highest in 41 years

dailyrecord.co.uk:

Inflation rose to 11.1 per cent in October from 10.1 per cent in September, the Office for National Statistics (ONS) has announced.It is the highest level for 41 years as households felt the brunt of the cost of living crisis.

Most economists had been expecting a rise to 10.7 per cent. Chancellor of the Exchequer, Jeremy Hunt pinned the blame on the impact of the pandemic and Vladimir Putin's war in Ukraine for the spike in prices as he warned that "tough" decisions on tax and spending would be needed in Thursday's autumn statement.

He said: "The aftershock of Covid and Putin's invasion of Ukraine is driving up inflation in the UK and around the world. This insidious tax is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth. "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.

That requires some tough but necessary decisions on tax and spending to help balance the books. "We cannot have long-term, sustainable growth with high inflation.