In the UK, inflation rose 11.1% in October, the highest inflation in 41 years, and the Associated Press announced that it is “not yet peaking”.
The UK's National Bureau of Statistics announced on the 16th that consumer prices rose 11.1% in October, the highest since October 1981, and a big jump from 10.1% in September.
A Reuters poll of economists showed a rise of 10.7%, and economists announced their prediction that “inflation will peak as of October,” but the actual rise came out at 11.1%, 0.4% higher than this.
The European Central Bank (ECB) announced on the 16th that “the probability of an economic recession will increase” in 19 countries using the euro, and that “the probability of a recession in the eurozone and the UK is 80%, and the probability of a recession in the US is 60%.”
"People and businesses are already feeling the effects of rising inflation and slowing economic activity," ECB Vice-President Luis de Guindos told Reuters.
Consumer prices in the Eurozone, the 19 member states of the European Union, rose 10.6% in October, announced on the 17th.
In the eurozone, the energy sector rose 41.5% and the food sector rose 13.1%.
The European Central Bank (ECB) raised interest rates by 0.5% in July, by 0.75% on September 8th and October 27th.
The eurozone economy recorded 0.2% growth during the July-September period.
The Office for National Statistics (ONS) said food prices rose 16.4 per cent in the 12 months to October, the largest increase since September 1977, as supermarkets passed on higher costs to consumers.
Energy surged 24 per cent, and the British government capped energy prices in October to protect consumers from the effects of the war-related energy crisis in Ukraine.
Inflation would have risen to 13.8 per cent if the government hadn't stepped in to limit household energy prices to an average of £2,500 per year, the Office for National Statistics said on Wednesday.
Inflation in the UK is higher than the 10.7% inflation record for October in 19 European countries that use the euro, and far exceeds the 7.7% that the US announced as a “slowdown” in October.
The Bank of England announced on November 3rd that it would start declining early next year from a peak of 11% in the fourth quarter, but it was wrong.
The Bank of England already in October had policy makers approved its eighth consecutive rate hike, with the first-ever 3 percentage point hike on Wednesday off its 2 per cent inflation target.
The UK interest rate hike came a day after the US Federal Reserve announced that it had risen by 0.75 percentage points for the third quarter in a row.
The US Federal Reserve raised interest rates for the 6th time this year following the 4th consecutive 0.75%p increase in key short-term interest rates the day before (2nd).
The Fed raised its benchmark interest rate from 3.75% to 4% in November, the highest level in 14 years, and announced an additional increase.
"Unfortunately, the UK is not yet following in the footsteps of the US when it comes to easing inflation," said financial planning expert Shona Lowe. You have to be prepared for the pressure," he told the AP.
The Associated Press reported in the headline <Britain Inflation Accelerates to 11.1%, Highest in 41 Years>, “Inflation in the UK has not peaked yet.”
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