Inflation rises to 41-year high, lifted by gas and electricity bills, and pricier food
October’s surge in prices means workers are suffering a deeper real wage squeeze.
We learned yesterday that average earnings (exclusing bonuses) rose by 5.7% in the year to September, the fastest growth since 2000 – but well behind inflation.
“Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee.
“Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%.
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