Xinhua News Agency London, October 19 (Reporter Huang Zemin) Data released by the UK's National Bureau of Statistics on the 19th showed that the UK's consumer price index (CPI) rose 10.1% year-on-year in September, and the increase in increased compared with August, at a 40-year high.
Darren Morgan, head of economic statistics at the Office of National Statistics, said that further rise in food prices was the main factor driving up inflation in September, and hotel accommodation prices also rose. On the other hand, gasoline prices continued to fall, partially suppressing inflation.
This is a shopping basket shot in a supermarket in Manchester, UK on October 7. Xinhua News Agency (photo by Jon Hugper)
economist Paul Dales, a CITIC International Macroeconomic Consulting Company, believes that the UK's inflation rate has not yet reached its peak, and the year-on-year CPI increase in October may continue to rise. Despite the significant deterioration in the UK's economic outlook, domestic price pressure continues to increase, which will prompt the Bank of England to raise the benchmark interest rate even more significantly.
This is a household's electricity bill and some coins taken on October 7 in London, England. (Photo by Li Ying, Xinhua News Agency)
From April to July this year, the inflation level in the UK set a record high in 40 years. CPI rose 10.1% year-on-year in July and fell slightly to 9.9% in August. In order to curb high inflation, the Bank of England announced on September 22 that it would raise the benchmark interest rate from 1.75% to 2.25%, which is the seventh time the Bank of England has raised interest rates since December last year.
