Statistics from the Office for National Statistics (ONS) show that inflation has reached its highest level since the 1980s.
Excluding owner-occupier housing costs, the consumer prices index (CPI) rose by 11.1% in the Year to October 2022, up from 10.1% in the year to September.
CPI, including owner occupiers’ housing costs (CPIH), rose by 9.6% in the year to October 2022, up from 8.8% in the year to September 2022.
This is the highest the annual inflation rate has been since December 1980, when it stood at 9.8%.
In October 2022, CPI rose by 2.0%, matching the annual inflation rate in July 2021. This means prices rose between September and October 2022 by as much as the entire year to July 2021.
Despite the introduction of the Government’s energy price guarantee, gas and electricity prices made the largest contribution to the inflation increase, rising by 36.9% and 16.9% between September and October 2022, respectively.
Overall, the cost of CPIH housing and household services rose by 11.7% in the 12 months to October 2022, up from 9.3% in September. This is the highest yearly rise on record.
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