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According to official figures released on August 17, 2022, British consumer price inflation soared to 10.1% in July. This is the highest consumer price inflation figure since February 1982.
Per Press TV , this was a marked increase from June’s number, which stood at 9.4%. This increase in inflation topped economists’ projections in a Reuters poll for inflation, where they expected inflation to rise to 9.8% in July. Earlier in August, the Bank of England raised its principal interest rate from 0.5% to 1.75%.
Economic forecasts for inflation are projected to be at 13.3% in October. As Press TV pointed out, this is “when regulated household energy prices are next due to rise.”
“Every upward inflation surprise tightens the bind the BoE finds itself in, with mounting inflation pressure combined with growing recessionary headwinds,” declared Luke Bartholomew, senior economist at abrdn.
Like most economists, Bartholomew believes that the Bank of England will raise interest rates to 2.25% during its next meeting in September.
August 17 figures from the Office for National Statistics indicated that prices increased 0.6% in July from June on a non-seasonally adjusted basis.
The annual rate of retail price inflation reached 12.3%, the highest figure since March 1981.
Since Russia launched its special military operation into Ukraine on February 24, 2022, the Collective West has launched a number of self-destructive economic sanctions against Russia. The combination of these sanctions coupled with Wuhan virus lockdowns that threw supply chain systems out of whack and easy money policies have created the conditions for mass inflation. This is a widespread trend across the West. After all, the ruling classes of these countries hold uniformly pro-technocratic beliefs on economic affairs that consist of big spending and loose monetary policies.Ultimately, inflation is a question of domestic policy that most Western leaders are not willing to confront in a […]
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