UK inflation rate rises to 11.1% in October 2022
The consumer prices index (CPI) measure of inflation rose to 11.1% in October 2022, according to the Office for National Statistics (ONS). This is its highest level since October 1981.
The ONS confirmed that gas and electricity prices made the largest upward contribution to the change.
The retail prices index (RPI) rose to 14.2% in October 2022.
With inflation in double digits, it is almost impossible to remember that CPI was as low as 0.2% as recently as August 2020.
Farrell Financial Planning do not give advice on future inflation or interest rate movements. Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow, Scotland.
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All information is correct as at 16/11/22.