United Kingdom’s inflation surges to 30-year high of 6.2 percent

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Experts pass that prices volition emergence further inactive arsenic the Ukraine struggle pushes up already sky-high inflation.

Published On 23 Mar 2022

Rising prices crossed the committee sent ostentation successful the United Kingdom soaring to a caller 30-year precocious successful February arsenic the cost-of-living situation intensified, according to authoritative figures.

The Office for National Statistics (ONS) said connected Wednesday that Consumer Prices Index (CPI) ostentation roseate to 6.2 percent successful February, up from 5.5 percent successful January and again reaching the highest level since March 1992, erstwhile it stood at 7.1 percent.

The emergence was higher than expected and comes aft prices lifted across food, covering and footwear and a scope of products and services.

The ONS said ostentation roseate crossed 10 retired of the 12 categories that feed into the index, with lone connection and acquisition not seeing increases.

Experts person warned that prices volition emergence further inactive arsenic the Ukraine struggle pushes up already sky-high inflation, adding to painful terms rises for energy, fuel, commodities and food.

Increased petrol and diesel prices are seen connected  a show  committee  astatine  a filling station, successful  LondonIncreased petrol and diesel prices are seen connected a show committee astatine a filling presumption successful London [File: Peter Nicholls/Reuters]

An accrued vigor terms cap, the planned reversal of a hospitality VAT chopped and an summation successful nationalist security taxation are acceptable to deepen the situation facing British households.

The Bank of England past week raised involvement rates for the third time since mid-December, to 0.75 percent from 0.5 percent, and warned that ostentation volition present highest astatine astir 8 percent successful April – and could deed double-digits if wholesale vigor prices proceed to soar amid the Ukraine war.

In April, the Office of Gas and Electricity Markets (Ofgem) – the UK authorities regulator – volition rise the vigor terms headdress by 54 percent and, fixed the interaction of Ukraine connected state prices, a further summation is expected successful October, perchance by arsenic overmuch arsenic different 50 percent.

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