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UK inflation hits 41-year high of 11.1%

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In October, inflation in the United Kingdom reached a 41-year high of 11.1%, exceeding expectations as food, transportation, and energy prices continued to squeeze households and businesses.

This was disclosed by the Office for National Statistics on Wednesday.

The jump was higher than the Bank of England’s forecast for inflation to peak at 10.9% and more than five times the central bank’s 2% target.

Contributing factors: The report stated that rising food prices also made a large upward contribution to the change with transport (principally motor fuels and second-hand car prices) making the largest, partially offsetting, downward contribution to the change in the rates

In October, the sharp rise in the cost of living was caused by higher gas, electricity, and food prices despite the government’s energy price guarantee, which capped bills for gas and electricity at £2,500 for a household with average usage of both fuels.

The report said, “CPIH rose by 1.6% in October 2022, compared with a rise of 0.9% in October 2021.”

The Consumer Prices Index (CPI) rose by 11.1% in the 12 months to October 2022, up from 10.1% in September 2022. CPI rose by 2.0% in October 2022, compared with a rise of 1.1% in October 2021.


“Despite the introduction of the government’s Energy Price Guarantee, gas and electricity prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between September and October 2022,” the report added.


For the record: Inflation would have been 13.8% had the government not introduced an energy price guarantee that limited the increase, the ONS said.

Wage growth is lagging the increase in prices, delivering the sharpest squeeze in living standards in memory and putting pressure on Prime Minister Rishi Sunak’s government to act.


The inflation rate for low-income households was 11.9% compared with 10.5% for more wealthy ones.


Food price inflation rose sharply to 16.5% on an annual basis, the highest for 45 years, according to the ON.

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  1. zmozero teriloren

    December 6, 2022 6:54 am at 6:54 am

    I’ve been absent for a while, but now I remember why I used to love this blog. Thank you, I’ll try and check back more frequently. How frequently you update your website?

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Donald Trump’s Organization found guilty of tax fraud

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Two The Trump Organization companies have been found guilty on multiple charges of criminal tax fraud and falsifying business records connected to a 15-year scheme.

The Trump Corp. and Trump Payroll Corp — the two companies — are owned by former United States President Donald Trump.

Juan Merchan, the justice who presided over the trial in state court in New York on Monday, said the Trump Organization — which operates hotels, golf courses, and other real estate outfits around the world — was found guilty on all charges of tax fraud.

The case centred on charges that the company paid personal expenses like free rent and car leases for executives — including Allen Weisselberg, former chief financial officer — without reporting the funds.

Trump was not charged in the case.

However, according to testimony during the four-week trial, the former president had a hand in the fraud as he reportedly signed bonus checks annually, paid private school tuition for Weisselberg’s grandchildren, authorised the lease for his luxury Manhattan apartment and approved a salary deduction for another executive.

While the company is not at risk of being dissolved, the charges could impact its ability to do business such as obtain loans or contracts.

“This was a case about greed and cheating,” said Alvin Bragg, Manhattan’s district attorney.

“The Trump Corporation and the Trump Payroll Corporation got away with a scheme that awarded high-level executives with lavish perks and compensation while intentionally concealing the benefits from the taxing authorities to avoid paying taxes.

“Today’s verdict holds these Trump companies accountable for their long-running criminal scheme.”

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Peru’s president, Pedro Castillo impeached and arrested after attempting to dissolve congress

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Peru swore in a new president on Wednesday following a day of political turbulence that saw former President Pedro Castillo arrested after making a last-ditch bid to cling to power.

Dina Boluarte, Castillo’s vice, was eventually sworn in, making her Peru’s first female president.

She was elected after a majority of 101 members in the country’s 130-person legislative body voted to impeach Castillo.

Earlier on Wednesday, the former president said he would shut down the opposition-controlled congress, launch a “government of exception,” and call for new legislative elections.

In a televised speech, he said “a new congress with constituent powers to draw up a new constitution” would be convened “within no more than nine months”.

“In response to citizens’ demands throughout the length and breadth of the country, we have decided to establish an exceptional government aimed at re-establishing the rule of law and democracy,” the leftist leader said.

His speech sparked outrage and angry accusations from both opposition politicians and his allies that he was attempting a coup. Many ministers also resigned from their positions.

Castillo attempted to dissolve congress hours before it was scheduled to begin the third round of impeachment proceedings against him since he took office in July 2021, but he was unsuccessful.

Boularte called for a political truce in her acceptance speech as the nation’s new leader.

She also announced the formation of a new cabinet that would include members of all major parties.

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German police arrests 25 people on suspicion of plotting coup

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The police in Germany have arrested 25 individuals across the country over an alleged plot to overthrow the government.

The suspects were alleged to be members of the Reichsbürger (Citizens of the Reich) movement.

The Reichsbürger is a far-right movement that does not believe in the legitimacy of the modern German state.

According to the BBC, reports from Germany suggest that the far-right group was planning to attack the Reichstag, the parliament building, and seize power.

Heinrich X111, a 71-year-old man, is alleged to have been at the heart of the movement’s alleged plot to overthrow the government.

Marco Buschmann, Germany’s justice minister, posted on Twitter saying the federal prosecutor-general is investigating a suspected terrorist network with ties to the Reichsbürger movement.

Buschmann said there is suspicion that the movement is planning an armed attack on constitutional bodies.

“Democracy is well defended: Since this morning, a major anti-terror operation has been taking place,” the minister said.

“The Federal Public Prosecutor is investigating a suspected terrorist network from the Reich citizen milieu. There is a suspicion that an armed attack on constitutional bodies was planned.”

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