UK recession fears as inflation hits double digits after mini-budget

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UK recession fears have surged once again after the annual rate of inflation jumped to 10.1 percent as the economy continues to be battered from the effects of rising prices and the fallout from the mini-budget. The latest figures from the Office for National Statistics (ONS) show the consumer prices index (CPI) measure increased in September, up from the annual rate of 9.9 percent the month before. The ONS said the main driver for the latest rise in the inflation rate last month was rising food prices.

ONS director of economic statistics Darren Morgan said: “After last month’s small fall, headline inflation returned to its high seen earlier in the summer.

“The rise was driven by further increases across food, which saw its largest annual rise in over 40 years, while hotel prices also increased after falling this time last year.

“These rises were partially offset by continuing falls in the costs of petrol, with airline prices falling by more than usual for this time of year and second-hand car prices also rising less steeply than the large increases seen last year.

“While still at a historically high rate, the costs facing businesses are beginning to rise more slowly, with crude oil prices actually falling in September.”

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