©Reuters.
Investing.com – New data released earlier today showed that inflation in Britain has surpassed its highest level in 41 years, particularly since 1977.
In Britain it rose to 11.1% in October, the highest level in 41 years, versus expectations for record highs of 10.7% and the previous reading of 9.9%.
And an increase of 2%, while it was expected to register only 1.7%.
According to the data, food inflation is at its highest level in 42 years since April 1980. The inflation has been driven by higher gas and electricity bills and rising food and drink costs.
The largest contribution to the annual rate in October 2022 came from housing and domestic services, and the second largest contribution came from food and soft drinks, which exceeded the contribution from transportation.
