According to official figures released on Wednesday, British inflation spiked back into double digits in September, driven up by skyrocketing food costs as the nation struggles with a cost-of-living crisis, according to AFP.
According to the Office for National Statistics, the Consumer Prices Index increased to 10.1 percent on an annual basis, up from 9.9 percent in August and back to its peak in July.
Due to extremely high energy prices, the rate in September matched the level in July and is the highest in 40 years.
“I understand that families across the country are struggling with rising prices and higher energy bills,” Britain’s new finance minister Jeremy Hunt said in a separate statement.
“This government will prioritise help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone.”Following a budget that promised unfunded tax cuts, the administration has been shaken by the chaos in the markets.
Most of those actions have subsequently been undone, therefore Prime Minister Liz Truss is now battling to keep her position.
Truss fired Hunt’s predecessor, Kwasi Kwarteng, after less than six weeks in the position due to significant criticism of the budget.
The Bank of England will be under pressure to keep raising its main interest rate by sizable amounts, according to analysts who predicted Wednesday’s report.
At its upcoming meeting in November, the BoE may raise its interest rate by as much as one percentage point to 3.25 percent, according to Capital Economics.