UK Inflation , Hits 41-Year High.<br />CNN reports that according to Britain's Office for National Statistics, the country's annual rate of inflation rose to 11.1% last month.<br />That's up from September's rate of 10.1%.<br />Gas and electricity prices continue to climb as food price inflation reaches 16.4%.<br />Gas and electricity prices continue to climb as food price inflation reaches 16.4%.<br />Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement.<br />Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement.<br />The cost of goods and services increased by 2% from September to October.<br />The Bank of England projects that the U.K.'s recession will last through the first half of 2024 as it continues to raise borrowing costs.<br />U.K. Finance Minister Jeremy Hunt is expected to announce spending cuts and tax increases while detailing the government's budget on Nov. 17.<br />On the other side of the pond in America, .<br />inflation appears to be cooling as the nation's annual Consumer Price Index rose at a slower pace of 7.7% in October
