The UK’s annual inflation rate has risen to 11.1% in October - a new four-decade high - with food and energy remaining the key drivers.
The Consumer Prices Index (CPI) rose by 11.1% in the 12 months to October 2022, up from 10.1% in September, the highest rate since October 1981.
Major contributors included food and non-alcoholic beverages, which saw an increase of 16.4%, with the largest upward effect from milk, cheese, and eggs.
Last month's food inflation was the highest seen since September 1977, the Office for National Statistics (ONS) estimates.
And households and businesses paid 88.9% more for gas and electricity than a year ago.
Grant Fitzner, chief economist at the ONS, said: “Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee.
“Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%."
He said that increases across a range of food items also pushed up inflation, but were partially offset by motor fuels, where average petrol prices fell on the month.
Jonathan Moyes, head of investment research at the Wealth Club, said that hopes of a softening of UK inflation had been 'dashed'.
“With US inflation showing signs of softening last week, there would have been many looking at today’s release hoping to see something similar for the UK.
"However, all in all, this was not an announcement for the optimists. Inflation is now at a 41 year high.
"Consumers should brace themselves for a grim winter of austerity, tax rises and further interest rate rises.”
