July 22, 2022
According to official statistics, rising food and fuel prices last month caused British inflation to reach its highest level in 40 years, which increased the likelihood that the Bank of England will raise interest rates by a very uncommon half percentage point next month.
Annual consumer price inflation increased to 9.4% percent in June, according to the Office for National Statistics, up from 9.1% percent in May and above the consensus estimate of 9.3 percent in a Reuters poll of experts. This is the highest level since February 1982.
With the most recent increase, Britain had the highest rate of inflation among Group of Seven advanced economies since 1985, while prices are currently rising even more quickly in many smaller European Union nations.
Source: Reuters
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