DEVELOPING: UK Inflation Hits 3.8% as Food Prices Soar to Record Levels

UK Inflation Hits 3.8% as Food Prices Soar to Record Levels The UK's inflation rate has risen to 3.8%, with food prices surging by 5.1% over the past year, according to official figures released today. Food costs have increased for the fifth consecutive month, with beef, butter, milk, and chocolate prices leading the rise. Economists attribute this surge to supermarkets passing on government-imposed minimum wage and National Insurance Contributions hikes to consumers through higher prices. The overall inflation rate remains above the Bank of England's 2% target, fueling expectations that interest rates may be held steady at Thursday's rate-setting meeting. Chancellor Rachel Reeves acknowledged the economic strain on families, stating "families are finding it tough" as she prepares to unveil the government's tax and spending plans in November. This is a developing story. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*