UK Inflation Hits 41-Year High

UK Inflation , Hits 41-Year High.

CNN reports that according to Britain's Office for National Statistics, the country's annual rate of inflation rose to 11.1% last month.

That's up from September's rate of 10.1%.

Gas and electricity prices continue to climb as food price inflation reaches 16.4%.

Gas and electricity prices continue to climb as food price inflation reaches 16.4%.

Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement.

Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement.

The cost of goods and services increased by 2% from September to October.

The Bank of England projects that the U.K.'s recession will last through the first half of 2024 as it continues to raise borrowing costs.

U.K. Finance Minister Jeremy Hunt is expected to announce spending cuts and tax increases while detailing the government's budget on Nov.

17.

On the other side of the pond in America, .

Inflation appears to be cooling as the nation's annual Consumer Price Index rose at a slower pace of 7.7% in October