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Inflation in the UK rises above 10 percent

2022-08-17T10:50:02.749Z

For the third month in a row, price increases in Great Britain have reached a new high, with food being particularly affected. According to the central bank, the inflation rate could rise to as much as 13 percent.



Traditional »English Breakfast«: Bread, breakfast cereals, milk, cheese and eggs in particular have recently been significantly more expensive

Photo: SUZANNE PLUNKETT/ REUTERS

Inflation continued to rise in Britain, with consumer prices up 10.1 percent year-on-year in July, according to the UK Statistics Office.

In June, inflation had already reached 9.4 percent - both the highest increases in consumer prices in 40 years.

According to the statisticians, the reason for the high inflation in July was above all the rise in food prices.

Bread, cereal, milk, cheese and eggs were significantly more expensive.

Energy prices also continued to rise sharply.

The British central bank expects inflation rates of up to 13 percent this year.

For months now, the statisticians in London have been reporting new 40-year highs in price development.

The Bank of England is also forecasting a decline in economic output in each quarter from the end of 2022 to the end of 2023. Growth thereafter will also be “very weak”.

In the fight against high inflation, it has already increased the key interest rate by 0.5 points to 1.75 percent.

hey/AFP

Source: spiegel

All business articles on 2022-08-17

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