Business News Asia
According to the Office for National Statistics (ONS), the consumer price index (CPI) rose 11.1% year-on-year in October to its highest level in 41 years. Prices for food, transportation, and energy continue to put pressure on households and businesses.
The increase in the consumer price index in October was largely due to electricity, gas and other fuels, and non-alcoholic food and beverages, which rose 16.4% over the past 12 months, the report said.
The Bank of England (BoE) said the UK is facing the longest recession in its history. The government and the central bank are trying to tighten fiscal and monetary policy to curb rising inflation.