UK inflation hits new 41-year high of 11.1% in October - ONS

Britain's annual rate of consumer price inflation rose to its highest in 41 years at a higher-than-expected 11.1% in October, up from 10.1% in September, the Office for National Statistics said on Wednesday.

Economists polled by Reuters had forecast the inflation rate would rise to 10.7%. Prices of food and non-alcoholic beverages rose at the fastest rate since 1977, the ONS said.