Inflation in UK Jumps to 10.1% after Mini Budget Chaos

The rates of inflation in the UK jumped to 10.1% in September, official data showed on Wednesday.

The Office for National Statistics (ONS) said that the consumer prices index (CPI) jumped from 9.9% to 10.1%. 

The rates were influenced by the increases that occurred in the prices of food and fuel which formed the heaviest pressures.

The rate of inflation rose to 10.1% in September, according to official figures, as the economy reels from the effects of rising prices and the fallout from the mini-budget.

ONS said: "The largest upward contributions to the annual CPIH inflation rate in September 2022 came from housing and household services (principally from electricity, gas and other fuels, and owner occupiers’ housing costs), food and non-alcoholic beverages, and transport (principally motor fuels)."

Currently, the UK sees a chaotic economic scene due to the latest crisis of the government's mini-budget proposal.

The first plan proposed by the former Finance Minister Kwasi Kwarteng negatively impacted the markets due to the plans related to tax cuts.

Therefore, UK Prime Minister Liz Truss replaced Kwasi with Jeremy Hunt in an attempt to re-control the markets once again.

Hunt said during an emergency statement in the Commons that "this government will take the difficult decisions necessary to ensure there is trust and confidence in our national finances".

"That means decisions of eye-watering difficulty."