It has been reported that inflation in Britain reached its highest level in October in 41 years.
Inflation in October was 11.1%, the highest in the last 41 years. The news came after most economists had expected 10.7%.
Also, it has been reported that gas charges have increased by 30% and electricity charges by 66% in the last one year. While inflation was 14.5% in September, it increased to 16.2% in October.
British people in crisis
It has been reported that rising inflation will push people back into crisis and increase energy bills, petrol prices and grocery costs.
Also, rising inflation means rising prices of goods and services. Apart from that, the cost of daily necessities like food and petrol will remain high.
When it comes to personal expenses, households will have to spend more on food, energy, housing costs and fuel.