UK Inflation Hits 10% (YoY) Again in September 2022

British Prime Minister Liz Truss resigned from her post on Thursday, October 20, 2022. This makes her the shortest-serving Prime Minister in British history, having held office for only 6 weeks since September 6, 2022.

Political turmoil amidst high economic pressure due to soaring inflation forced Liz Truss's resignation. This means that Britain will be led by three Prime Ministers in 2022: Boris Johnson, Liz Truss, and Truss's successor.

According to the UK's Office for National Statistics (ONS), the Consumer Price Index (CPI) rose 0.5% in September 2022 compared to the previous month (month-on-month/m-o-m).

Compared to September 2021, the CPI increased by 10.1% (year-to-date/ytd). This figure is higher than the previous month's 9.9% (year-on-year/yoy) and matches July 2022's inflation, the highest level in several decades.

Including owner-occupiers' housing costs, UK inflation reached 8.8% (yoy) in September 2022, up from 8.6% (yoy) the previous month.

The biggest driver of September's inflation was basic household services, such as electricity, gas, and other fuels, including housing costs.

Russia's invasion of Ukraine, which has triggered a rise in global energy and food prices, has impacted the British economy. Soaring fuel and food prices, along with high housing costs, have pushed Britain to the brink of recession.