The Bank of England even estimates that inflation could rise to over 11% by the end of the year.
Article written by
Posted
Reading time : 1 min.
It does not only affect France. Inflation in the UK accelerated in June to 9.4% year on year, its highest level in forty years, fueled by fuel and food prices, in the midst of a crisis in the cost of living, a announced the National Statistics Office in its monthly report published on Wednesday 20 July.
The Bank of England (BoE) estimates that inflation could rise to more than 11% by the end of the year, boosted by the Russian invasion of Ukraine, the surge in gas prices that it has driven, and a very tight labor market. BoE Governor Andrew Bailey warned on Tuesday that the monetary institute could accelerate the pace of its rate hikes by raising them by 50 basis points at its August meeting, in an attempt to stem the surge more vigorously. prices.
“Countries around the world are dealing with rising prices and I know how difficult it is for people here in the UK, so we are working alongside the Bank of England to bring it down”commented the Minister of Economy and Finance, Nadhim Zahawi.