Inflation rises to double digits in the UK as inflation jumps to 40-year highest since 1980. Both the energy costs and food prices are making it harder for households to manage cost-of-living.
Inflation Rose To 10.1%
The inflation rose to double digits in September, the highest ever in the last 40 years. The rising food prices were the highest contributors to the rising inflation in the country. Non-alcoholic beverages also added to the increasing inflation. The new government that took over last month has been the target for being less capable of managing the economy.
War In Ukraine
Officials have said that the February Russian invasion of Ukraine functioned as a catalyst for the recent energy and food crises faced by the country. Putin’s decision to invade Ukraine was the driving force behind the increase in European natural gas prices.