Previous BoE forecasts had predicted that the UK’s inflation rates would ease by dropping to just above 5 percent in the final quarter of 2023 and falling below its 2 percent target in early 2025.īut big price rises across the economy, energy subsidies and Britain’s struggling post-pandemic jobs market have led to soaring inflation rates.īritish inflation also accelerated sharply after Russia’s full-scale invasion of Ukraine in February 2022, which sent natural gas prices soaring across Europe. Japan saw inflation at 3.4 percent, while Germany registered inflation at 6.3 percent and France’s inflation stood at 6 percent. Meanwhile, the inflation rate in May stood at 4 percent in the United States. The BoE is expected to raise interest rates – a monetary measure used to control inflation – on Thursday for the 13th consecutive time. The United Kingdom’s inflation has remained stubbornly high at 8.7 percent in May – the same rate as the previous month – pressuring the Bank of England (BoE) to take action.
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