BREAKING NEWS: Inflation jumps by highest amount in 40 years in the UK

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For the first time in 40 years the UK inflation rate has hit double figures at 10.1% according to the Office for National Statistics in the worst Cost of Living Crisis since February 1982. 

The soaring energy bill prices such as the cost of petrol, currently around 173.5p per litre on average and 184.5p per diesel, have been affecting people’s ability to travel for work as well as personal reasons, and the energy crisis is also affecting agricultural work such as the operation of farming machinery. 

International rail tickets have also increased in price however the raised cost of food and drink prices is what has made the biggest contribution to the elevated inflation rate between June and July 2022, as reported by bbc.co.uk

The chairman for Marks and Spencers Archie Norman advises that the UK inflation rate will continue to increase. He has described the high costs of living as “a crisis that is not going to go away”.

Norman also described inflation as “pernicious” and something that “erodes wealth”. He has also urged the UK to put measures in place to “look after those who need it most” as “some of us can take the hit and some of us can’t”. 

Bromsgrove’s MP Sajid David told the BBC that we need to “prioritise growth to tackle inflation”. Norman disagreed with this, saying that “we need to kill inflation first” before “sewing the seeds of growth” as you can’t have both at the same time. He sees a recession as “inevitable.”

Although David has suggested that increased inflation should increase wages, the statistics suggest otherwise, with the average wage buying 3% fewer goods and services this year than they were in 2021. 

The Bank of England have also predicted that inflation rates won’t decrease to the target 2% for about 2 years. 


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Written by

Annie Dabb

From Newcastle originally, Annie is based in Manchester and is a writer for the Euro Weekly News covering news and features. Got a story you want to share? Then get in touch at [email protected]

Comments


    • Naimah Yianni

      17 August 2022 • 17:23

      Well if wages go up but inflation goes up then there is no gain is there? This whole situation has been artificially created by the purposeful exacerbation of the situation in the Ukraine and ridiculous “green” policies being impleneted by governments around the world, all at the same time. Kind of funny how all these governments around the globe suddenly start implementing the same policies and coming out with the same catch phrases about why they need to do it, as do the mainstream meadia outlets. Is every body asleep out there. Hello! McFly!

      Reply

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