KPMG comments on today’s inflation figures

“An increase in domestic energy bills to the level set by the Government’s Energy Price Guarantee has pushed inflation to its highest level this year, and the highest it has been for more than 40 years.

“October could mark a turning point as we expect the headline rate of inflation to start falling in the coming months. Looking ahead, the combination of weaker growth and the waning impact of global supply shocks could lead to easing price pressures. Nevertheless, inflation could stay above the Bank of England’s 2% target until the middle of 2024.  

“In October, CPI inflation rose to 11.1%, with the largest contributions from energy and foods and road fuels.”

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 15,300 partners and staff.  The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.