The rising inflation rate in the UK, now at 2.6%, is driven by increases in motor fuel and clothing, marking the fastest growth since mid-2022.
The inflation rate fell below the Bank's 2% target to 1.7% in September, but the subsequent quick rises show volatility in the economy, impacting costs.
Grant Fitzner from ONS noted that prices increased this year while falling a year ago, with air fares dropping significantly, but motor fuel is the key driver.
The current inflation spike highlights the ongoing cost of living crisis in the UK, with significant implications for consumers facing rising everyday expenses.
Collection
[
|
...
]