The UK is facing double-digit inflation. For the first time in 40 years.

The United Kingdom is the first major world economy where the rate of price level growth has been above 10 per cent. July inflation is the highest ever since February 1982, more than four decades ago.

First G7 country with double digit inflation

Prices in the UK rose by 10.1 per cent year-on-year in July. This is 0.7 percentage point higher than in June. The UK has become the first G7 country to see its price rises reach double digits in the current inflation crisis. And so far, it seems that it will remain the only country for at least a few months. In the United States, annual inflation had fallen to 8.5 % in July from 9.1 % in June.

Food price increase

The main reason for the relatively large increase in inflation, according to British statisticians, is the rise in the price of food, which has risen by 12.6 percent. This is the most since 2008. In the case of energy or fuels, on the other hand, there seems to be some easing of inflationary pressures. Still, economists expect the Bank of England to raise interest rates again at its next meeting. The majority estimate is at 2.25 percent, Reuters reported.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

AI Boom Beyond Nvidia stock: Which Lesser-Known Equities Are Riding the Wave?

For many investors, Nvidia stock has become almost synonymous with the...

FT: EU plans to remove barriers for banks’ cross-border capital flows

The European Union plans to remove barriers for banks...

Why find a credit card with a lower APR?

Credit cards can be useful financial tools. They make...

SpaceX on Wall Street: a historic IPO and the first trading days

The SpaceX listing ranked among the largest IPOs in history, raising $85.7 billion. Massive investor demand expanded the capital that the company will now use to finance its next phase of development.

CD Ladder Calculator: How to Build a Smarter Savings Strategy

A CD ladder calculator can help savers plan how to earn...
spot_img

spot_imgspot_img