Highest in G7..! UK inflation at 40-year record..!?

Inflation is rising day by day due to rising prices around the world, in which inflation is increasing in all countries without any distinction like india and the US and is affecting the lives of middle and poor people the most. In this context, Britain's inflation data has shocked not only the people of the country but also the international investment market, as Jerome Powell, chairman of the US Federal Reserve, awaits an important report today.
Inflation rose to 9.1 percent in May on the back of rising consumer prices in the UK. It is worth noting that this is a peak of almost 40 years. The central bank raised its benchmark interest rate to 0.25 percent from 1.25 percent in April, with the approval of the country's finance ministry, to tackle Britain's inflation of 9 percent. The benefits are only visible in june data.Inflation in May was 9.1 percent in march 1982, according to the UK National Statistics Office. Meanwhile, the bank of england has announced that the country's inflation is expected to rise to 11 percent by the end of this year. After the Russia-Ukraine war, the prices of all consumer goods and services, from Britain's fuel to electricity, manufactured goods, transport, food, and liquor, went up.Rishi Sunak, Britain's finance minister, said after the release of the data in May that the country was using all sorts of efforts and tools to reduce inflation, thereby reducing the rise in prices of compulsory goods. LIVING COST in britain has risen sharply since the Russia-Ukraine war. As a result, the people and employees who are at the bottom of the economy and jobs are facing a greater impact.Many companies have announced significant sums of money for their employees to cope with the rise in prices, following a recent strike by Britain's Lloyds bank employees.

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UK inflation

Sowmiya Sriram

22/06/2022 06:56 PM