UK inflation rate hits 10.1%, British Bitcoin community responds
Prices in the United Kingdom continue to rise, hitting another 40-year high of 10.1%. According to figures from the U.K’s Office for National Statistics, the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The 10.1% figure mirrors July’s recent high.
The Bank of England is 8% off the inflation target, while interest rates are 2.25%. Source: Bankofengland.co.uk
According to ONS data, “Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between August and September 2022.” The BBC reported that the Ukraine war led to an increase in grain prices, also sharing that dairy products have risen by over 30% in cost in one year.