UK yearly inflation rate hits 10-year high

By Gokhan Ergocun

ISTANBUL (AA) - Inflation in the UK hit a 10-year high in October, reaching 4.2% from 3.1% a month ago, indicated official data released on Wednesday.

The country's Consumer Price Index (CPI) was up by 1.1% last month, converging with the October 2020 figure, said the Office for National Statistics.

Inflation, which registered at 4.2% last in December 2011, has been gradually increasing since the beginning of this year.

The Consumer Price Index, including owner occupiers' housing costs (CPIH), climbed by 0.9% in October 2021, the same as the October figure last year.

The main contributor to prices was housing and household services with 1.23 percentage points, followed by transport with 1.09 percentage points and restaurants and hotels with 0.43 percentage points.

"CPIH increased by 0.9% on the month in October 2021, compared with no change in October 2020," it added.

Inflation has become an urgent problem around the world in the pandemic period, when central banks resorted to monetary expansion.

In the EU, consumer prices increased by 4.1% annually in October, while the figure had been minus 0.3% in the same month last year.

US inflation also hit a 31-year high in October with 6.2%.