Inflation: UK prices soar at fastest rate for almost ten years
BBC News says The cost of living surged to 4.2% in October – its highest rate in almost 10 years – due to rising fuel and energy costs, according to new data.
The consumer price index measure of inflation is now more than double the Bank of England’s target.
The costs of transport, gas and electricity bills and second hand cars all climbed, the Office for National Statistics said.
Inflation has risen since the economy reopened after the Covid lockdown.
The Bank of England has said it may have to increase interest rates “in the coming months” to tackle the problem.
https://www.bbc.co.uk/news/business-59316544
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