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UK Inflation Hits 10.1% on Soaring Food, Energy Costs

By 08/17/2022 5:25 PMNo Comments

On Wednesday, the Office for National Statistics revealed Britain’s inflation rate rose to a 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe, as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy.

According to reports, the double-digit surge in consumer prices over a year earlier was higher than analysts’ central forecast of 9.8% and a jump from the annual rate of 9.4% in June.

The agency said the increase was mainly due to rising prices for food and staples, including toilet paper and toothbrushes.

Economic experts predict that worse is to come.

The Bank of England revealed that soaring natural gas prices will likely drive consumer price inflation to 13.3% in October.

The bank says that will push Britain into a recession expected to last through 2023.

Moreover, the experts said inflation is surging in many countries as Russia’s war in Ukraine has triggered unprecedented increases in energy prices worldwide.

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