UK inflation 10.1% record high US housing market decline

UK food prices rose at the fastest pace since 1980 in September, returning inflation to a 40-year high, and US homebuilding fell to its lowest level in two years in September.
UK inflation pushed food prices up 14.6 per cent through September and the consumer price index (CPI) rose again to 10.1 per cent.
The EU Statistical Office (Eurostat) announced on the 20th that the eurozone inflation rate for September was 9.9%.

The US Federal Reserve's Beige Book (Business Trend Report) said on the 19th, "Cooling labor demand has been reported in many regions. As concerns about an economic slowdown grow, some have mentioned that companies are hesitant to increase their wage payments." The outlook is becoming more pessimistic amid growing concerns about the economy.”

The Wall Street Journal predicted an interest rate of 4.5% to 4.75% for the Beige Book, saying, “It presented a more pessimistic economic outlook than before,” and “some Fed officials (directors) have demanded a continuous rate hike.”
The UK Bureau of Statistics announced on the 19th that transport costs rose 10.9% in September, furniture and household items 10.8%, clothing 8.4%, and housing costs rose 9.3% (year-on-year).
"The figure immediately ignited calls for the government to do more to help families and retirees as they struggle to restore trust after an unfair tax cut package shook up financial markets," the Associated Press said. After taking office last week, the (tax cut) package was abolished, but he warned that 'this winter will be difficult and expenses will need to be reduced,'" the report said.
The U.S. Census Bureau reported on the 20th that “New detached house permits fell 3.1% from August to 872,000, the lowest level since June 2020. It's down 4.7%, but the material bottleneck still plagues builders," Reuters reported on Wednesday.
The Mortgage Banking Association of America (MBA) said the 30-year fixed mortgage rate averaged 6.94% in the second week of October, the highest since 2002, up from 6.81% a week earlier, Reuters said.
The UK economy contracted about 0.3% in August after growing 0.1% in July.
"The hotter-than-expected inflation figures pave the way for another aggressive rate hike for the Bank of England at its next meeting in early November," said Victoria Schola, head of investment at Interactive UK. We are in between a difficult place to contain price pressure without adding," he told AP.
"The same calculations are being made in other countries, but the US Federal Reserve has signaled that it will continue to raise rates rapidly to cope with decades of high inflation of 8.3%," the AP said in a statement. We expect another big increase to cut inflation at record levels in 19 countries that use the euro currency.”
The Bank of England's inflation-management target was 2%, but it rose 10.1% in September, a huge gap.
Unlike the U.K., U.S., and Japan, Korea's CPI excludes the cost of owning housing.

The Bank of Korea (BOK) analyzed on the 20th in its 'Checking the Recovery Path of Goods, Services and Overseas Consumption' (Issue Note) report on the 20th that, "If the global economy slows down and interest rates rise faster, downward pressure on the recovery of private consumption will increase."

The Korean economy was a high-growth model under the Cold War in the East and the West, and the hard-line conservative system of the United States and the United Kingdom in the early 1980s, when the Cold War was at its peak, raised inflation to the highest level.

The Yun Seok-Yeol regime is attempting to restore a hard-line conservative economic model that excludes domestic dissidents as a cold war economy led by international solidarity led by a free market.