British inflation soared to a historic 40-year high in July, according to official figures released on Wednesday, driven up by hikes in food prices, further exacerbating the country’s cost of living crisis as it faced the potential of going into recession. The Consumer Prices Index (CPI), which reached a four-decade high of 9.4% in June, climbed to 10.1% last month, according to the Office for National Statistics.
Inflation in the UK is expected to slightly exceed 13% this year, according to a warning from the Bank of England earlier this month. This would be the highest level since 1980. The BoE also forecast that the country would go into a recession around the end of the year that would last until late 2023. The second quarter of the British economy decreased, according to official data released last week.
Consumer advocacy groups are requesting much greater government aid, despite the fact that the administration of outgoing Prime Minister Boris Johnson has pledged to help decrease gasoline prices for millions of Britons this winter. It happens at a time when Britain, which is going through a crisis related to the cost of living, is seeing a historic rate of decline in salary values.
Post Your Comments