British inflation jumped back above 10% in September on soaring food prices, official data showed Wednesday, with the country gripped by a cost-of-living crisis bedeviling the government.
"I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new finance minister Jeremy Hunt said in a separate statement."This government will prioritize help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone."
Analysts said Wednesday's data would put pressure on the Bank of England to keep raising its main interest rate by sizeable amounts. Capital Economics noted that the BoE could hike its rate by as much as one percentage point to 3.25 percent at its next meeting in November.Victoria Scholar, head of investment at Interactive Investor, said inflation was"the most pressing economic problem facing the Bank of England as well as the government.
In a bid to help households, the government has capped domestic energy bills until April. However, the original plan was for a cap until late 2024, which Truss pulled earlier this week.Markets were left spooked that a budget of tax cuts and a costly energy-price cap would add massively to British debt that had already ballooned on government support during the COVID-19 pandemic.
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