الثلاثاء 23 شوال 1443هـ - 24-05-2022م

UK Inflation Rises by 1.2% in August Alone

UK Inflation Rises by 1.2% in August Alone
LONDON, UNITED KINGDOM - APRIL 12: Stores, barbers, gyms and libraries re-open after 97 days of closure within the coronavirus (COVID-19) measures in London, United Kingdom on April 12, 2021. Restaurants and pubs are made available to serve outdoors with the easing of COVID-19 measures. ( Hasan Esen - Anadolu Agency )

The worldwide fear of #inflation may have been realized in the #UK. August saw a rocket in inflation rates from 2% to 3.2% in the kingdom, which is the highest monthly rise in almost a decade.

The surge can be due to higher prices in many sectors. In August alone, the rise in food, transport, recreation, furniture and restaurant prices was more than 1%. Moreover, there are predictions saying that gas and electricity bills are set to increase, along with clothing prices in this coming autumn.

On a different note, the average UK house price fell by £10,000 in July compared with a month earlier, shows official figures.

The Office for National Statistics said the rise was likely to be temporary. However, some experts predict inflation to head even higher to around 5% by the end of the year, before slowing sharply next year.

 

Sources: Guardian, FT, CNBC

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