Inflation in UK has hit a new 40-year-high in September climbing to 10.1%. The biggest jump in food prices since 1980 pushed British inflation back into double digits.

42-year high food prices push inflation up in UK

European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up&nbsp;0.8 per cent from the record set in August.&nbsp;

The report by the EU's statistics office added that the annual rate of inflation in the Eurozone was 9.9 per cent in September, compared to 9.1 per cent in August.&nbsp;

<a href="https://www.wionews.com/business-economy/global-economy-live-updates-october-19-asian-shares-were-mostly-higher-but-hong-kong-stocks-drop-at-open-526612">Read more:&nbsp;Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September</a>

Notably, last month, 19 eurozone countries reported double-digit overall inflation. Meanwhile, former EU member, Britain's inflation rose to a 40-year high in September, rising above 10 per cent on soaring food prices, official data released on Wednesday revealed.&nbsp;

The September rate matched the level in July and is the highest in 40 years as a result also of sky-high energy bills.

"I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new finance minister Jeremy Hunt said in a separate statement.

<a href="https://www.wionews.com/world/uk-inflation-accelerates-to-40-year-high-amid-rising-food-prices-526733">Read more:&nbsp;UK inflation accelerates to 40-year high amid rising food prices</a>

The situation in the continent has been exacerbated by the eight-month-long Russia-Ukraine war. Moscow has stopped the supply of natural gas through its Nord Stream pipeline and the immediate effect has been the jacked-up fuel prices.

With the winter season fast approaching and utility bills soaring, inflation has gone up manifolds. Most of the countries across Europe do not have energy reserves that can last them the entire season.&nbsp;

Thus, inflation is expected to rapidly climb in the coming weeks. The banks have been increasing interest rates to arrest the slide but so far, it has had little to no influence on the ground.&nbsp;

The EU leaders on Tuesday convened and proposed a $39.2 billion package to aid small and medium-sized firms battling the energy crisis. However, it ought to be an entirely different conversation if the proposal receives the nod of all 27 countries.&nbsp;

(With inputs from agencies) 
 
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European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up 0.

European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up 0.8 per cent from the record set in August. The report by the EU's statistics office added that the annual rate of inflation in the Eurozone was 9.9 per cent in September, compared to 9.1 per cent in August. Read more: Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September Notably, last month, 19 eurozone countries reported double-digit overall inflation. Meanwhile, former EU member, Britain's inflation rose to a 40-year high in September, rising above 10 per cent on soaring food prices, official data released on Wednesday revealed. The September rate matched the level in July and is the highest in 40 years as a result also of sky-high energy bills. "I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new finance minister Jeremy Hunt said in a separate statement. Read more: UK inflation accelerates to 40-year high amid rising food prices The situation in the continent has been exacerbated by the eight-month-long Russia-Ukraine war. Moscow has stopped the supply of natural gas through its Nord Stream pipeline and the immediate effect has been the jacked-up fuel prices. With the winter season fast approaching and utility bills soaring, inflation has gone up manifolds. Most of the countries across Europe do not have energy reserves that can last them the entire season. Thus, inflation is expected to rapidly climb in the coming weeks. The banks have been increasing interest rates to arrest the slide but so far, it has had little to no influence on the ground. The EU leaders on Tuesday convened and proposed a $39.2 billion package to aid small and medium-sized firms battling the energy crisis. However, it ought to be an entirely different conversation if the proposal receives the nod of all 27 countries. (With inputs from agencies) WATCH WION LIVE HERE:

European Union's inflation average hits 10.9% in September

There is no respite for Britons from the cost of living crisis. The new data from Statistics Office shows that United Kingdom is heading back to record level of inflation.

UK inflation accelerates to 40-year-high

France is bracing for a nationwide transport strike as the country's government and the unions remain in a deadlock over fuel shortages in the country. The French trade unions are also asking for higher salaries amid decades-high inflation.

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The war in Ukraine has slowed down the world's economy, inflation is on the rise globally, the cost of living crisis is biting people everywhere but in India there's something opposite at play. There has been an uptick in sales over the last few weeks as the big festive season is here.

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Thousands of protesters have piled into the streets of Paris in a show of anger against the rising inflation, fuel shortages and climate inaction.

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A key US inflation measure due Thursday is set to return to a four-decade high, underscoring broad and elevated price pressures that are pushing the Federal Reserve toward yet another large interest-rate hike next month.

World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes

Core US inflation rises to 40-year high, Fed expected to extend rate hikes

The number of homeless people in Portugal are on the rise. The impact of Ukraine conflict has contributed to food price inflation. Rising level costs are exacerbating this problem further.

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Residence in Argentina is struggling to survive. Inflation is set to hit hundred percent this year and it is the residence that is bearing the brunt.

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China's inflation rate has picked up pace in the month of September with consumer prices rising at their fastest rate in over two years. The rise in consumer inflation comes on the back of the spiking pork prices as the extreme weather has hit the farmers in the country.

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Rising inflation is a global phenomenon and the pinch pf the inflationary surge hasn't been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

Will inflation continue to stay high globally?

Rising inflation is a global phenomenon and the pinch pf the inflationary surge has not been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

World Business Watch: Inflation accelerates across the world

Japanese manufacturer' business mood worsened in the three months to September and corporate inflation expectations hit a record high, as stubbornly high material costs clouded the outlook for the fragile economy.

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Rising prices bring another pinch to Japanese households. According to a research firm, prices for near 6700 food and beverage products will be hiked in October as Japan deals with a weakening currency.

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The Reserve Bank of India hiked interest rates by 50 basis points, signalling its intent to tame inflation and defend the rupee. What does this decision mean for you? Does the dip in foreign markets make it a lucrative investment opportunity? Priyanka Sharma tells you.

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Singapore has tightened housing loan rates to control spiraling prices. Government believes this will help in moderating demand at a time when inflation is making life tough for common citizens.

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In line with the steps taken by major global central banks, India's RBI is now hiking key lending rates by 0.5 percent and this move can result in higher installments of loan consumers in India.

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UK PM Liz Truss has now broken silence on the mini budget that her government has unveiled. Truss has defended her decision to cut taxes. She said, "the tax cuts and energy support plan will get the economy moving and will deal with inflation."

UK PM Liz Truss defends tax cuts, mini budget

The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation. This was the fourth time that the rates were increased since May mirroring the steps taken by major banks all around the world.&nbsp;&nbsp;

In August, the retail inflation rate of India jumped to 7 per cent from 6.7 per cent in July. &nbsp;The Indian Rupee has also taken quite a hit as it breached the 81-mark against the United States dollar.&nbsp;

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“The global economy is in the eye of the storm, but India has withstood shocks over the last two years,” the RBI governor said. Inflation is hovering around 7 percent and is expected to remain around 6 per cent in the second half of the year. “Inflation rates remain elevated food items,” RBI Governor Shaktikanta Das said.&nbsp;

"The GDP grew by 13.5 per cent year-on-year in the first quarter," he added according to Reuters.&nbsp;

In the past week, several international banks have also increased their rates in order to stabilise the situation caused by the Ukraine-Russia conflict. The US Federal Reserve hiked its rates to a 14-year high while the Bank of England also increased its rates amid massive economic distress in the United Kingdom.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-recognises-independence-of-two-ukraine-regions-521040">Putin recognises independence of Ukraine's Zaporizhzhia and Kherson regions</a>

The Gross Domestic Product (GDP) went up by 13.5 per cent in the second quarter of 2022 for India but it was still under the RBI projection of 16.2 per cent. &nbsp;

With the supply chain getting severely affected by the ongoing crisis, it remains doubtful if the GDP will be able to grow according to the RBI projection of 7.2 per cent for the entire year.&nbsp;

(With inputs from agencies)

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The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation.

The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation. This was the fourth time that the rates were increased since May mirroring the steps taken by major banks all around the world. In August, the retail inflation rate of India jumped to 7 per cent from 6.7 per cent in July. The Indian Rupee has also taken quite a hit as it breached the 81-mark against the United States dollar. Also read | At least 12 dead as Hurricane Ian causes massive devastation in Florida “The global economy is in the eye of the storm, but India has withstood shocks over the last two years,” the RBI governor said. Inflation is hovering around 7 percent and is expected to remain around 6 per cent in the second half of the year. “Inflation rates remain elevated food items,” RBI Governor Shaktikanta Das said. "The GDP grew by 13.5 per cent year-on-year in the first quarter," he added according to Reuters. In the past week, several international banks have also increased their rates in order to stabilise the situation caused by the Ukraine-Russia conflict. The US Federal Reserve hiked its rates to a 14-year high while the Bank of England also increased its rates amid massive economic distress in the United Kingdom. Also read | Putin recognises independence of Ukraine's Zaporizhzhia and Kherson regions The Gross Domestic Product (GDP) went up by 13.5 per cent in the second quarter of 2022 for India but it was still under the RBI projection of 16.2 per cent. With the supply chain getting severely affected by the ongoing crisis, it remains doubtful if the GDP will be able to grow according to the RBI projection of 7.2 per cent for the entire year. (With inputs from agencies)

RBI hikes benchmark repo rate by 50 basis points to a three-year high of 5.9 per cent

The Bank of England has said it "will not hesitate" to change interest rates in order to get inflation under control. The Bank released a statement on Monday after the pound plummeted to a record low of $1.03.

Pound hit record low against dollar, impact of weakening currency on common folks

'Won't hesitate to raise interest rates after pound's fall', says Bank of England

Switzerland exited the era of negative interest rates when its central bank joined others around the world in tightening monetary policy more aggressively to combat resurgent inflation.

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US Federal Reserve has raised interest rates by three-quarters of a percentage point for the third consecutive time and forecast further aggressive increases to tame record-high inflation.

US Federal Reserve raises interest rates for third straight time, sees more increases ahead

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