U.K.’s Inflation Continues to Spike, Now at 11.1% — While U.S. Inflation Moved Down to 7.7%
Wednesday, November 16, 2022
The U.K.’s annual rate of inflation rose to a 41-year high in October on surging energy prices.
In contrast, as reported last week, U.S. inflation cooled to its lowest level since January, easing to 7.7% for the year in October.
The U.S. Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 7.7 percent before seasonal adjustment.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn September, that yearly increase was at 8.2%.
UK Numbers
Consumer prices jumped in the U.K. — 11.1% higher than a year earlier and a faster rate of inflation than the 10.1% recorded in September and the highest since October 1981, the Office for National Statistics said Wednesday.
Driving U.K. spiking inflation are energy prices that have surged since Russia’s invasion of Ukraine and Putin’s decision to cut natural-gas supplies to western Europe.
Biden Optimistic About U.S. Numbers
While the levels are still near a 40-year high, President Joe Biden was optimistic about the news on Thursday, issuing the following statement:
"Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation. My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength. It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living. Americans are already paying around $1.20 less per gallon of gas than this summer.
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