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Inflation rockets to 11.1%

– The Consumer Prices Index (CPI) rose by 11.1% in the 12 months to October 2022, up from 10.1% in September.

– Major contributors included food and non-alcoholic beverages, up 16.4%.

– Housing and household services, which includes household gas and electricity rose 11.7%. 

– Households are paying 88.9% more for gas and electricity than a year ago. 

– ONS believes inflation is now at its highest rate since October 1981.

– The pound fell slightly immediately following the announcement.

Jonathan Moyes, Head of Investment Research, Wealth Club

“With US inflation showing signs of softening last week, there would have been many looking at today’s release hoping to see something similar for the UK. These hopes have been dashed. 

Today’s inflation number was a full 1% higher than just a month ago. Food and energy remain the key drivers of the UK’s inflation problem. 

A bright spot might be that fuel prices have begun to soften, with petrol a notable negative contributor to inflation over the month. The pound has also been far stronger in recent weeks, helping to lower the cost of imports.

However, all in all, this was not an announcement for the optimists. Inflation is now at a 41 year high. Consumers should brace themselves for a grim winter of austerity, tax rises and further interest rate rises.”


For further information contact: 

Jo Thorne: 07939882816, [email protected]

Wealth Club

The aim of Wealth Club is simple. To provide high net worth individuals and sophisticated investors with clear, impartial and well researched information on investment opportunities not typically available through mainstream stockbrokers or financial advisers. Wealth Club was set up in February 2016 and is now the largest non-advisory broker of tax efficient investments such as VCTs, EIS and Inheritance Tax Portfolios. Since launch 9,000 clients have invested more than £900 million through its platform.


Wealth Club