Poor households hit hard as UK inflation sticks at five-year high – business live

UK consumer price index stuck at 3.0% in October — it hasn’t been higher since early 2012

Earlier:

The jump in food and drink prices are a particularly blow for the poorest in society (as everyone has to eat).

So even if inflation peaks soon, the cost of living squeeze could continue for a while.

“With monthly inflation gradually moderating, households will be relieved that the UK may have now reached the peak in year-on-year price rises.

However, the overall figures mask significant increases in the price of basic necessities such as fruit and vegetables, which are most likely to hit those already struggling to cope with the squeeze on real incomes due to the high inflation.

Labour MP Chuka Umunna says theongoing Brexit chaos” is hitting people in their pockets.

“Not only is inflation continuing to run well above the Bank of England’s target, at 3%, but the inflation rate for food and drink has increased to 4.1%, the highest since September 2013.

“People are feeling the Brexit squeeze as real wages contract and everyday items become more and more expensive. Nobody voted in the referendum to make themselves poorer, so people have every right to look at the impact Brexit is having on their finances and ask themselves whether the realities of Brexit match up with what they were promised. If not, everyone has the right to change their mind.

Related: Theresa May ally accuses Hammond of vetoing policies promoting ‘economic justice’ – Politics live

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