U.K. Inflation Rose to a Ten-Year High in October 2021

(19 November 2021) Consumer price inflation, a gauge of the cost of living, accelerated in the United Kingdom in October, largely driven by higher energy prices and mounting supply-chain disruptions, reaching the highest level since December 2011.

The U.K. consumer price index rose 4.2% YoY in October following a 3.1% increase in September. The October rise was more than double the target of 2% set by Bank of England. 

  • Household energy costs were one of the biggest contributors to inflation; Ofgem, the British energy regulator, raised the price cap on domestic gas and electricity on October 1, 2021. 
  • Petrol prices also rose in October amid a surge in global energy prices.

The Bank of England's Monetary Policy Committee expects inflation to rise further, to around 5% in the spring of 2022, before falling back towards the target rate as the impact of higher oil and gas prices fades and demand for goods moderates.

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