Consumers face higher prices for food, energy cost and mortgage and rent bills after the cost of living surged by 4.2 per cent in October, according to official figures.
Inflation reached the highest rate in almost 10 years with the consumer price index measure now more than double the Bank of England’s target.
The Bank of England has said it may have to increase interest rates “in the coming months” to tackle the problem which would mean higher loan costs and mortgage repayments.
Labour Shadow chancellor Rachel Reeves said inflation rising would “leave households more than £1,000 worse off” .She said: “This is extremely concerning giving the growing cost-of-living crisis”.“Instead of taking action, the Government are looking the other
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