“Countries around the world are facing rising prices and I know how difficult it is for people in the UK, so we are working with the Bank of England to bring (inflation) down.”Economy and Finance Minister Nadhim Zahawi said.
According to the Bank of England, inflation could rise to more than 11% by the end of the year, exacerbated by the Russian invasion of Ukraine, rising gas prices and a tense labor market.
“Inflation hit a new multi-decade high in June. The labor market remains tight, global price pressure remains strong and we expect a further increase in electricity prices” in October in the UK, said Anna Leach, an economist at the CBI, Britain’s leading employers’ organisation.
“Therefore, inflation is likely to remain high for the rest of the year, undermining household income,” he added.
Source: Ambito
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