According to data released on Wednesday, Britain’s inflation rate rose to a new 40-year high of 9.1% in the year that ended in May as a result of the rising cost of food and gasoline due to Russia’s conflict in Ukraine.
Consumer price inflation, according to the Office for National Statistics, increased marginally from 9% in April, which was already the highest level since 1982.
‘Continued sharp food price rises and record high gasoline (gas) prices were countered by apparel expenses growing by less than this time last year, and a decline in the prices of often fluctuating computer games,’ according to chief economist Grant Fitzner.
Because of ‘the significant surge in petrol costs over the previous month,’ according to Jack Leslie, senior economist at the Resolution Foundation, which studies economic inequality, inflation is projected to increase further in June.
Nobody knows how high inflation could go or how long it will persist, which makes decisions about fiscal and monetary policy particularly difficult, he said.
The United States reported an inflation rate of 8.6 percent in May, and the 19 nations that use the euro recorded an inflation rate of 8.1 percent for the same month.
Millions of people in Britain and throughout Europe are experiencing a rise in their cost of living, which is partly due to Russia’s involvement in the conflict in Ukraine, which is depleting supplies of energy and basic foods like wheat.
British workers are feeling the pressure and asking for significant pay rises, which the Conservative administration claims could lead to a spiralling wage-price relationship and increased inflation.
The nation’s largest transit strike in three decades will take place this week, involving tens of thousands of train workers, and could signal the beginning of a summer of unrest in the labour movemen
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