Consumer prices in the UK in October rose by 11.1% in annual terms, according to the data of the National Statistics Office (ONS) of the country. Thus, inflation accelerated by 1 percentage point compared to September, when it amounted to 10.1%, and updated the maximum since October 1981.

Analysts surveyed by Bloomberg on average expected the country’s consumer prices to rise 10.7% last month, as did respondents at Trading Economics.

Consumer prices jumped 2% from the previous month after rising 0.5% in September. Experts surveyed by Trading Economics had on average expected a 1.7% rise.

It turns out that prices rose at the same rate last month as they did in the 12 months to July 2021, the ONS said.

The acceleration in UK inflation is mainly due to higher food and energy prices. Excluding these two categories (CPI Core), inflation was 6.5% in October, the same as a month earlier. In monthly terms, the indicator rose 0.7% after climbing 0.6% in September.

Retail prices (RPI index) soared 14.2% year-on-year, up 12.6% a month earlier. It is the RPI index that is used by British employers in salary negotiations. The difference in the dynamics of CPI and RPI indexes is due to the inclusion of housing costs in RPI, as well as the different weighting of airfares, insurance and gasoline prices.

Compared to the previous month, the RPI index increased by 2.5% after rising by 0.7% in September.