(Bloomberg) — UK inflation rose more than expected to a 41-year high of 11.1%, adding to pressure on the Bank of England to raise interest rates again.
Most Read from Bloomberg
The increase in the Consumer Prices Index was stronger than the 10.9% figure expected by the central bank or the 10.7% median that economists had forecast. The Office for National Statistics said Wednesday that food, fuel and energy prices drove the increase.
Inflation would have been 13.8% had the government not introduced an energy price guarantee that limited the increase in electricity and natural gas prices in October, the ONS said.
Read more:
-
UK’s Sunak Urges Company Executives to Embrace Pay Restraint
-
UK Labor Market Feeds Inflation Pressure With Jump in Wages
-
Energy Market Is Sword of Damocles Hanging Over UK’s New Leader
-
UK Inflation May Hit 15% Without Further Energy Support (1)
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
Read More: UK Inflation Jumps More Than Expected to 41-Year High of 11.1%