U.K. inflation accelerated to a 40-year high in September as the soaring cost of food squeezed household budgets
The rise increases expectations that the Bank of England will raise interest rates further and faster as it struggles to return inflation to its 2% target.
It will also make it more difficult for the government’s new Treasury chief, who took office less than a week ago, to restore financial stability after the government’s economic plan roiled financial markets over the past month. Jeremey Hunt has said the government “will prioritize help for the most vulnerable while delivering wider economic stability.”Russia’s war in Ukraine has boosted food and energy prices around the world, with shipments of oil, grain and cooking oil disrupted.
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