July 21, 2022
1 min read

UK inflation hits fresh 40-year high

Inflation has soared to the highest level in decades in many countries, fuelled by the war in Ukraine and the easing of Covid restrictions…reports Asian Lite News

Annual inflation surged to a fresh 40-year high in June on rising motor fuel and food prices, official data showed Wednesday, adding to a cost-of-living crisis.

The Consumer Prices Index (CPI) jumped to 9.4 percent last month from 9.1 percent in May, the Office for National Statistics said in a statement.

Analysts said the data put pressure on the Bank of England to raise interest rates by as much as 50 basis points, or half a percentage point, at its next policy meeting in August.

“In the UK, we saw another eye-popping CPI reading and the pressure is on the BoE to do what it takes before it is too late to control inflation,” said Naeem Aslam, chief market analyst at Avatrade.

Inflation has soared to the highest level in decades in many countries, fuelled by the war in Ukraine and the easing of Covid restrictions.

That has forced central banks to raise interest rates, risking the prospect of recession as higher borrowing costs hurt businesses and consumers.

The Bank of England has raised its key interest rate five times since December, with hikes of a maximum of a quarter of a percentage point so far.

However, on Tuesday BoE governor Andrew Bailey had said that “a 50-basis-point increase will be among the choices on the table when we next meet”.

Separate data this week have shown that soaring UK inflation has caused the value of British wages to fall at a record pace.

ALSO READ-Ghana’s June inflation rate rises to nearly 30%

Previous Story

Biden seeks to revive climate agenda

Next Story

Nord Stream 1 resumes gas deliveries to Germany

Latest from UK News

UK scientists to synthesise human genome

Five-year SynHG project aims to pave way for next generation of medical therapies and treatment of diseases British researchers have embarked on an ambitious project to construct sections of human genetic material

UK Partnership Advances Islamabad Hospital

 Once operational, the hospital will provide comprehensive medical care across 28 clinical specialties, including cardiology, oncology, orthopaedics, neurology, and maternal health London’s Imperial College Healthcare NHS Trust is set to play a

Porn sites to begin strict age checks

Under the Online Safety Act, age verification and age estimation must be “highly effective” at correctly determining whether a user is under 18 for sites hosting harmful content Major pornography sites including
Go toTop

Don't Miss

Democracy’s diversity: Sunak takes it forward

Sunak and Braverman’s fellow Indian-origin Priti Patel, the Home Secretary,

Trump could be offered second state visit to UK  

Trump was hosted at Buckingham Palace for a state visit