Surging energy and fuel costs push inflation to near-decade high

UK inflation has jumped to a near-decade high as soaring energy and fuel prices pushed up the cost of living, according to official figures. The Office for National Statistics (ONS) said the rate of Consumer Prices Index (CPI) inflation rose sharply from 3.1% in September to 4.2% last month – the highest level since December 2011 and a bigger-than-expected jump. It comes after gas and electricity prices have surged, with regulator Ofgem last month increasing the energy price cap by 12%. But the figures also show sharp fuel costs rises and inflation building across food, household goods and hospitality as supply chain disruption takes its toll.

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