How does inflation in the UK compare to the EU?

EMBARGOED TO 0001 WEDNESDAY SEPTEMBER 28 Undated file photo of a person holding a shopping basket in a supermarket, as food inflation has hit its highest rate on record, with shoppers now paying 10.6% more than they were a year ago, figures show.
The cost of food has been one of the key drivers of inflation this year. (PA) (PA)

It has been a year of soaring inflation in the UK.

According to the latest figures from the Office for National Statistics (ONS), the consumer prices index (CPI) increased to 10.1% in September.

This matched July's 40-year high – the last time inflation went over the 10% mark before that was in February 1982.

Inflation, the rate at which prices rise, has been at its highest level for decades in 2022, fired by the surge in gas and electricity bills and the increase in the cost of food and drink.

Watch: Inflation surges back to 40-year high after food prices soar

With the UK in the grip of a cost of living crisis, how does its inflation figure compare to the Eurozone?

As a whole, inflation in countries that use the Euro is slightly higher than in the UK, according to Eurostat figures published on Monday.

The EU's statistical office said the cost of energy and food, alcohol and tobacco had been the big drivers in the latest rate of inflation, which was up to 10.7% in October across the Eurozone.

This is a rise from September's figure of 9.9%.

File photo dated 26/01/18 of a UK five pound, ten pound, twenty pound and fifty pound notes with one pound coins, as Governments across the world must increase benefits and wages in line with inflation or
Inflation in the UK is at a 40-year high. (PA) (PA)

Inflation in the Eurozone has more than doubled since last year - in October 2021 the rate was at 4.1%.

Which Eurozone countries have the highest inflation?

The Eurozone nation with the highest inflation is Estonia at 22.4%, more than twice the rate in the UK.

It is followed by Lithuania on 22% and Latvia on 21.8%.

Read more: UK house prices fall ahead of Bank of England interest rates decision

Inflation in the Eurozone hit 10.7% in the year to September 2022 (Yahoo News UK/Flourish)
Inflation in the Eurozone hit 10.7% in the year to September 2022 (Yahoo News UK/Flourish)

At the other end of the scale, inflation in France is at just 7.1%, Spain on 7.3% and Malta with 7.5%.

The UK's close neighbour, Ireland, has inflation of 9.6%.

In the UK, it has been reported that new prime minister Rishi Sunak and chancellor Jeremy Hunt are planning to raise taxes for millions of households in an effort to tackle rising inflation amid an economic crisis and a £50bn black hole in public finances.

RETRANSMITTING CORRECTING POSITION OF HUNT Prime Minister Rishi Sunak (centre), alongside the Chancellor of the Exchequer, Jeremy Hunt (centre right), holds his first Cabinet meeting in Downing street. Picture date: Wednesday October 26, 2022.
Prime minister Rishi Sunak and chancellor Jeremy Hunt are reportedly preparing tax rises for UK households. (PA) (PA)

They are expected to extend a freeze on the thresholds at which people start to pay the different rates of income tax and national insurance, which could result in more people being dragged into higher tax bands as wages increase.

Hunt will set out his plans in the Autumn Statement on 17 November and is considering splitting the burden equally between tax rises and spending cuts.

Public sector workers could face deep real-terms cuts to wages, with The Times reporting that the Treasury is looking at an increase of 2% across the board for 2023-24, at a time when inflation is expected to be well above that threshold.

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