UK Inflation Hits Double Digits Again

 UK Inflation Hits Double Digits Again

UK inflation (CPI) hit 10.1 percent in September, marking the second time the measure has hit double digits in 2022. Back in January, when inflation rose to 5.5 percent - then the highest since 1992 - Joanna Elson CBE, chief executive of the Money Advice Trust warned: “For the many people whose budgets are already at breaking point, this is an incredibly worrying time, made harder knowing that energy prices are set to skyrocket in the coming months".

As this infographic using the latest ONS data shows, the situation has indeed become worse since the start of the year. According to the ONS, the latest increase is driven chiefly by rising food prices and marks "the highest annual CPI inflation rate in the National Statistic series, which began in January 1997". Looking even further back, "indicative modelled consumer price inflation estimates suggest that the CPI rate would last have been higher around 1982".