The Consumer Price Index (CPI), which measures inflation in the United Kingdom, rose to 11.1% on an annual basis in October, compared to 10.1% in the September reading, exceeding expectations, which indicated an increase to 10.7, recording its highest reading since 1989.

On a monthly basis, the consumer price index increased by 2% in October, compared to an increase of about 1.1% in October 2021.

The main index, excluding food and energy prices, settled at 6.5% in October, while it had been expected to decline to 6.4%. In the details of the index, the largest contribution to inflation in October came from the rise in gas and electricity prices, in addition to the rise in food prices.

The British Pound is trading at 1.1870 levels, stable this morning