Did the rate of UK inflation rise last month?
Surging oil and gas prices, coupled with climbing food costs, are weighing heavily on the UK economy. In June, inflation in the country hit a fresh 40-year high of 9.4 per cent, above levels in the eurozone and US.
Inflation data for July will be released on Wednesday, with economists polled by Reuters expecting the consumer price index to have risen by 9.7 per cent year on year. British households are forecast to face average annual energy bills above £5,000 next year, as Russia’s war in Ukraine adds to a squeeze on oil and gas supplies to Europe.
Earlier this month, the Bank of England warned that UK inflation is expected to hit 13 per cent and the country would fall into recession by the end of the year. The bank raised interest rates by 0.5 percentage points to 1.75 per cent as it attempts to damp demand and stem rising inflation.