The cost of living surged by 4.2% in the 12 months to October, the highest rate in almost 10 years. 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 summer and the economy reopened.
The Bank of England says it may have to raise interest rates in the “coming months” to tackle the surging prices.
October’s reading is far higher than the 3.1% rise recorded in the year to September and more than double the Bank’s target of 2%. “Costs of goods produced by factories and the price of raw materials have also risen substantially and are now at their highest rates for at least 10 years.
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