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The Office for National Statistics released inflation figures on Wednesday as the UK weathers a historic cost-of-living crisis and political upheaval.
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LONDON – The consumer price index rose 10.1% in September, according to an estimate published by the Office for National Statistics on Wednesday, beating the consensus forecast among economists polled by Reuters.
Reuters had forecast an increase of 10% for September. The September figure matches the 40-year high British inflation reached in July.
A year-on-year increase in September 2022 as the country’s cost-of-living crisis continues to push households and businesses ahead of a harsh winter. Inflation unexpectedly fell to 9.9% in August, from 10.1% in July, as fuel prices fell.
Rising food, transport and energy prices are the biggest contributors to inflation, the ONS said. Food was up 14.6% year-on-year, transport was up 10.9% compared to last year, while furniture and household goods prices rose 10.8%.
Sterling The dollar fell from $1.1330 to trade at $1.1289 following the news.
The inflation data comes as the bank plans to sell some of its government bonds, known as gilts, from November 1.


People in the UK are feeling “desperate” about the cost of groceries, with 84% saying they spent the same or more on groceries in the past three months, according to McKinsey & Company.
“Inflation levels are already prompting consumers to think differently about Christmas, with 58% planning to cut back on Christmas spending and 8% not planning to shop at all,” McKinsey partner Samantha Phillips said in a research note. .
According to Marcus Brooks, chief investment officer at Quilter Investors, the ONS forecast will not prompt the Bank of England to reassess how it approaches interest rates.
“[The Bank of England] Westminster may be satisfied with the current move, but in the coming weeks, we will see what it actually makes of the government’s monetary policy as it makes its next move at its November Monetary Policy Committee meeting,” Brooks said.
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