Inflation in the country could reach a peak of 13.3% in October when electricity prices for households are raised.
At the end of July, the inflation rate in the UK rose to a new 40-year high. Sky News reported this with reference to data from the National Statistical Service (ONS) on Wednesday, August 17.
Thus, the consumer price index (CPI) rose to 10.1% in 12 months in July against 9.4% in June and remained at its highest level since February 1982. At the same time, most economists predicted inflation in July at 9.8%.
It indicates that the biggest driver of the latest increase is the increase in food spending: annual inflation for them is now 12.7% compared to 9.8% in June, mainly due to higher prices for basic products such as bread, milk, cheese and eggs. .
The Bank of England forecasts that inflation in the country will rise to 13.3% in October, when electricity prices for households are raised.
It will be recalled that in early August, to combat inflation, the Bank of England raised its key interest rate by 0.5% to 1.75%. This is the first increase in the main interest rate in the UK by half a point simultaneously since 1995. Experts predict that in September the main interest rate will rise by another 0.5% to 2.25%.
Inflation in July was lower than predicted – NBU
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.