Surging energy and fuel costs push inflation to near-decade high
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The cost of living has surged across the EU and UK this year, with inflation rates rising to record highs in October. According to Grant Fitzner, Chief Economist of the Office for National Statistics (ONS), a combination of increased household energy bills, the rise in the cost of second-hand cars and fuel, as well as steeper bills in hotels and restaurants drove inflation up to 4.2 percent. The situation was further exacerbated by the cost of goods and raw materials rising “substantially”, which the expert said are now “at their highest rates for at least 10 years”.
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