UK Inflation Gets Extreme, Hits 11% In October!


 We have run out of vocabulary to explain the latest reading in UK inflation data which continued to surprise the market with a higher increase in October.

According to the Office for National Statistics (ONS) report, the UK's annual consumer price index (CPI) rose to 11.1% last month, putting it at a new 41-year high.

The recorded figure also missed expectations for a 10.7% increase, and was up from the previous reading in September of 10.1%.

On a monthly basis, consumer prices rose 2.0% in October compared to the expected 1.7% and the 0.5% recorded in the previous month.

Meanwhile, core inflation (excluding food and energy prices) was reported to have increased 6.5% year-on-year last month compared to 6.5% recorded in the previous month.

Inflation is now five times higher than the Bank of England's (BOE) target of 2%, increasing pressure for the central bank to implement higher interest rates.

The BOE has raised interest rates 8 times since the end of last year to curb price pressures, but unfortunately, inflation continues to run rampant with higher spikes in October.