New figures by the Office for National Statistics (ONS) stated that UK inflation hit a new 40-year high in October, reaching 11.1 percent, driven largely by the rising prices of energy and food.
The firm confirmed the increase from 10.1 percent in September as costs of light and heating rose, despite efforts by the government’s energy price guarantee.
Food and non-alcoholic beverage prices also saw a significant rise of 16.4 percent in the 12 months to October 2022, contributing to the overall Consumer Price Index (CPIH) rising by 9.6 percent, up from 8.8 percent in September.
While clothing and footwear prices also increased, the sector distinctly lagged behind others in comparison.
The industry’s figure was up 8.5 percent year-on-year, 0.1 percent higher than the prices seen in the month prior.
Meanwhile, month-on-month, clothing and footwear prices were up 1.6 percent, again just 0.1 percent than that of September figures.
The ONS added that low-income households were facing a bigger hit from inflation, suffering a rate of 11.9 percent, while those in top earning consumer groups faced 10.5 percent.
The chancellor is set to unveil the autumn budget later today, through which retailers and customers alike are hoping for support for rising costs putting a pressure on prices.