UK annual inflation hits 41-year high in October

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November 16, Minsk. Annual inflation in the UK in October this year reached its highest level in 41 years, amounting to 11.1%, Reuters reports citing the Office for National Statistics of the United Kingdom.

At the same time, experts polled by Reuters predicted that inflation in October would rise to 10.7%.

A month earlier, inflation in the UK was 10.1% in annual terms.

It is noted that such a high rate of inflation is primarily associated with rising prices for energy and food products.

According to statistics, food and non-alcoholic beverage prices rose at the fastest pace since 1977 in October.

Due to the current economic situation, some experts believe that the Bank of England will raise its base interest rate to 3.5% next month. Recall that in early November, the British regulator made the largest increase in the base interest rate since 1989, raising it by 75 basis points - from 2.25% to 3%. In addition, earlier the Bank of England said that the UK is already facing a recession that could last up to two years.