Inflation in the UK has risen above 10 per cent

Buyers in London

Only clothing and footwear prices fell in the month-on-month comparison.

(Photo: AP)

London Already high inflation in the UK has accelerated. In July, consumer prices rose by 10.1 percent compared to the same month last year, the statistics office ONS reported in London on Wednesday. This is the highest rate since records began in 1997. According to the ONS’s back calculation, inflation was last higher in 1982. On average, analysts expect an increase of only 9.4 to 9.8 percent.

Inflation remains high compared to last month. In this respect, consumer prices increased by 0.6 percent in July. Analysts had expected a 0.4 percent increase. In a month-on-month comparison, prices of food and non-alcoholic beverages and transport costs increased notably. On the other hand, prices of clothing and shoes fell.

The Bank of England has been fighting high inflation for some time by raising interest rates. It has raised its key interest rate several times since November, most recently to 1.75 percent. The European Central Bank, on the other hand, started its rate hike cycle in July.

Further: Andrew Bailey is assigned to protect the “old lady”.

Main tasks of the day

Find the best jobs now
Will be notified by email.

See also  A federal judge rejects Goharert's lawsuit asking Pence to intervene in the electoral college screening process

Leave a Reply

Your email address will not be published.