UK inflation surges to highest rate in nearly a decade

LONDON (AP) — U.K. inflation surged to the highest level in nearly a decade in October as energy costs soared and prices rebounded after sharp declines during the early months of the COVID-19 pandemic. That’s according to government statistics released Wednesday. The Office for National Statistics said consumer price inflation accelerated to 4.2% in the 12 months through October, from 3.1% the previous month. The bigger-than- expected increase pushed inflation to the highest level since November 2011. Gas and electricity prices for millions of households jumped by 12% in October after U.K. regulators increased the retail price cap to reflect soaring wholesale energy costs. Higher prices for used cars, fuel, restaurant meals and hotel rooms also drove inflation.