The consumer price index in the United Kingdom accelerated 10.1% in September, according to estimates published Wednesday by the Office for National Statistics, exceeding the 10% rise predicted by analysts polled by Reuters.
Inflation in the UK worsened in the year to September 2022, as the country’s cost-of-living crisis continued to slam people and businesses ahead of a harsh winter.
Food prices went up 14.6% year on year, making it the biggest contributor to inflation in September. Transport prices up 10.9% year on year, while furniture and household goods prices increased 10.8%.
Following the news, sterling sank against the dollar, trading at $1.1289, down from $1.1330.
On Monday, new British Finance Minister Jeremy Hunt rolled back most of Kwasi Kwarteng’s tax cuts, which had been introduced on September 23, and Prime Minister Liz Truss apologized for “mistakes” that had caused major market turmoil.
Truss’s future in office is now being put into question.