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Domestic inflation remains very high due to rising food, electricity and gas prices.

Food prices were the biggest contributor to inflation being even higher in September than in August.

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UK inflation rose to 10.1% in September compared to the same month last year. This is shown by recent figures from the UK Statistics Authority.

A little higher than expected. At the same time, statistics officials estimated inflation in July was his highest since 1982.

Earlier, economists had expected inflation to rise slightly to 10%, according to figures obtained by Bloomberg. In August, price growth moderated to 9.9% on an annualized basis.

food attracts

The UK, like many other countries, has had very high price increases for a long time.

More expensive electricity, gas, fuel and food are the main drivers of strong inflation. The same is true for September.

Food prices were the biggest contributor to higher inflation in September than in August. Bread and cereal products, meat, milk, cheese and eggs contributed the most, with prices for these commodities rising over his August-September period this year, but in the same his two months of 2021. fell.

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The biggest increase compared to September 2021 is still electricity, gas, and other so-called housing costs.

Food and beverage prices rose 14.5%. Housing costs, including electricity and gas, rose by 20.2%. Prices for transportation, mainly in the form of fuel, rose by 10.6%.

Core inflation, excluding energy, food, alcohol and tobacco, was 6.5%. That was slightly above analyst expectations, according to figures obtained by Bloomberg.

Britain’s central bank, the Bank of England, like many other central banks, has raised interest rates sharply this year to keep inflation in check. The country’s interest rate is now at 2.25% after seven consecutive hikes.

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Slower growth expected after government turmoil

dismissed Minister of Finance

There has been a lot of anxiety over the UK economy in recent weeks, especially over the government’s economic policies.

Prime Minister Liz Truss and Finance Minister Kwasi Kwarten faced criticism after announcing a “mini-budget” proposal that included the biggest tax cuts and borrowing increases in 50 years amid rising interest rates and high inflation. exposed to storms.

The proposal also caused a lot of anxiety in the market and contributed to the pound’s sharp decline.

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Ultimately, it ended with Truss sacking Kwasi Kwarten after serving as finance minister for just 38 days.

The UK’s new Finance Minister, Jeremy Hunt, unveiled a new economic plan this Monday, withdrawing almost all tax cuts in the Truss’ “mini-budget”.

Hunt also made a big shift in the government’s energy assistance package. The finance minister said the support scheme won’t change until April, but the ministry will then assess how it performs with the aim of making it more targeted.

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