Havoc...

 

The cost of living in the U.K. surged in October to a 10-year high, with the figure now more than double the target set by the Bank of England.

The U.K.'s Consumer Prices Index rose by 4.2% in the 12 months to October, up from 3.1% in September. Economists polled by Reuters had a expected a figure of 3.9% for October.

The Bank of England expects inflation to rise further to around 5% in the spring of 2022 before falling back toward its 2% target by late 2023, as the impact of higher oil and gas prices fades and demand for goods moderates.

Euro zone inflation hit a new 13-year high in October, at 4.1%, as the currency bloc also battles surging energy costs. This was the highest level since July 2008, according to Reuters data, and was ahead of a consensus forecast of 3.7%. September's figure had come in at 3.4%.

This is going to create havoc world wide caused by oil prices. Just a thought.