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The inflation rate in the UK skyrocketed in October, blasting above a new four-decade high, as sharp rises in energy and food prices wreaked havoc on Brits' cost of living.

Consumer prices soared 11.1% on the level a year ago — the highest rate of inflation since October 1981, the Office of National Statistics said Wednesday. It's also an increase on September's 10.1% inflation print and above the 10.7% forecast in a Reuters poll of economists.

Energy prices were the most significant cause of surging inflation last month, the ONS said. It noted the rate would have climbed to 13.8%, if the UK government hadn't capped household power bills at 2,500 pounds ($2,967) from October 1. 

"As an indicative estimate, without the implementation of the EPG, electricity, gas and other fuels prices would have risen by nearly 75% between September and October 2022 (instead of 25%)," the ONS said.

The official data showed that food costs worsened the situation, with food price inflation hitting a 45-year high of 16.5%.

Earlier in November, the Bank of England hiked interest rates by 75 basis points for the first time in over three decades to try to cool red-hot inflation rates. The UK central bank has now raised rates eight times since February to hit 3%, the highest level since the 2008 financial crisis.

"Inflation is over five times the BoE's 2% target and adds pressure on the UK central bank to raise interest rates again in the December meeting," said Fiona Cincotta, senior financial markets analyst at City Index.

"The market expects the BoE to raise rates by 50 basis points taking the benchmark rate to 3.5%," she added.

Jeremy Hunt, the UK's finance minister, has announced he will make spending cuts in a new government budget expected to be announced Thursday. That could help the BoE in its mission, the Chancellor of the Exchequer suggested.

"This insidious tax is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth," Hunt said, referring to the coronavirus pandemic and the fallout from Russia's war in Ukraine