Inflation for October announced at 11.1%

16 November 2022

The Office for National Statistics (ONS) has released the inflation figures for October 2022. These figures break down the year-on-year changes in prices and how the contribute to inflation. The consumer price index (CPI) for the 12 months up to October is now at 11.1%.

This comes the day before the chancellor, Jeremy Hunt, is due to deliver the Autumn Statement to parliament. The Bank of England has been steadily increasing the bank rate for some months now in order to keep inflation to its targeted 2% per year.

We will see, on 17 November 2022, if the measures introduced to fix the gaps in the Treasury’s budget add to or alleviate the ongoing pressures of inflation.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.