LONDON, Nov. 16 (Xinhua) -- The United Kingdom's (UK) consumer prices index (CPI) rose by 11.1 percent in the 12 months to October, up from 10.1 percent in September and hitting a fresh 41-year high, statistics showed on Wednesday.
Despite the introduction of the UK government's energy bills support package, gas and electricity prices made the largest upward contribution to the change in the annual inflation rate, according to the Office for National Statistics (ONS).
Over the past year, gas prices have climbed nearly 130 percent, while electricity has risen by around 66 percent, said ONS chief economist Grant Fitzner. Price increases across a range of food items also pushed up inflation.
These were partially offset by motor fuels. While average petrol prices fell on the month, the price for diesel rose, taking the price disparity between the two fuels to the highest on record, Fitzner said.
Rising energy and food costs have more bearing on the inflation rate experienced by low-income households, who spend a greater proportion of their overall expenditure on these purchases compared with high-income households, the ONS noted.
"Despite the higher energy price cap pushing inflation to another high, there are signs that we are reaching its peak," said lead economist Alpesh Paleja at the Confederation of British Industry.
"Global price pressures appear to be easing, and forecasts predict that inflation could fall from double digits to high single digits over the course of 2023," Paleja added. ■
