Inflation hits a 41-year high Office for National Statistics (ONS) figures show that inflation increased to 11.1% in October, with this up from 10.1% in September and marking the highest level since 1981. The jump came with food price inflation rising at the fastest rate for 45 years, hitting 16.2% in the year to October compared to 14.5% in September. However, gas and electricity prices remained the main drivers of inflation, with the costs up by nearly 130% and 66% respectively compared with a year ago. Ahead of his Autumn Statement, Chancellor Jeremy Hunt said tighter fiscal policy can help bring down inflation, saying this requires “some tough but necessary decisions on tax and spending to help balance the books.” All motorsport businesses will be hit hard by record levels of inflation.