• Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
  • Login
ValiantCEO
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
No Result
View All Result
ValiantCEO
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
No Result
View All Result
valiant
No Result
View All Result

U.K. Inflation Hits a 10-Year High

Jarvis Dobrik by Jarvis Dobrik
July 27, 2022
in Economy
U.K. Inflation Hits a 10-Year High

[ad_1]

Inflation in Britain rose to its highest level in nearly a decade in October after soaring energy prices hit household bills.

The Consumer Price Index rose to 4.2 percent from a year earlier, the highest since November 2011, and up from 3.1 percent in September, the Office for National Statistics said on Wednesday. The price increases were more than twice the central bank’s target of 2 percent, increasing the likelihood that policymakers will go ahead with the interest rate increases they have signaled are coming.

The biggest contributor to higher inflation was a surge in energy costs, including wholesale natural gas, which has caused nearly two dozen energy suppliers in Britain to collapse and disrupted manufacturers. The cap on energy bills, which protects about 15 million households, was raised 12 percent sharply in October.

Other large contributors were higher prices for gasoline and at hotels and restaurants, the statistics agency said.

The Bank of England has said it expects inflation to peak at about 5 percent in the spring. “This period of higher inflation is likely to be temporary,” Andrew Bailey, the central bank’s governor, said this month. But there was “no fixed unit of time” that defines transitory, he said.

The central bank said that “it would be necessary over coming months” to raise interest rates if the economic data played out as policymakers anticipate, especially if the end of the government’s furlough program doesn’t result in a large increase in unemployment. In the three months through September, the unemployment rate was 4.3 percent, 0.2 of a percentage point lower than in the three months through July, and early payroll data indicated that only a small number of people lost their jobs in October when the furlough program expired.

As the global economy emerged from successive lockdowns over the past year, supply bottlenecks, labor market shortages and other shortages have disrupted supply chains around the world. Policymakers are now warning that the supply problems and the higher prices that result will last longer than they initially expected, adding pressure on central bankers to act more aggressively to stop inflation from getting out of their control.

In the United States, the Consumer Price Index jumped to 6.2 percent in October, the fastest annual increase since 1990, and prices rose 4.1 percent in the eurozone last month, the fastest in 13 years. In China, the prices wholesalers pay to producers climbed to the highest in 26 years amid rising commodity prices and power shortages.

[ad_2]

Source link

Previous Post

Jennifer Revello – Averal Provence – Made Using the Finest Ingredients in the Tradition of Triple Milled Marseille Soaps

Next Post

Kai Weller – FIND Talent Group – Luxury Hospitality Recruitment Company Based in London & Dubai

Jarvis Dobrik

Jarvis Dobrik

Valuer | Photographer | Writer Motivating the world through Entrepreneurship and Self-Growth Quality over quantity.

Next Post
Kai Weller

Kai Weller - FIND Talent Group - Luxury Hospitality Recruitment Company Based in London & Dubai

Please login to join discussion
10 Main Trends of Software Development Services in 2022
Tech & Business

10 Main Trends of Software Development Services in 2022

by Gerard Palmer
August 17, 2022
0

The field of software development is constantly changing. You must always keep an eye out for new chances and take...

Read more
DotBig Forex Broker Review

Expert review of DotBig.com – all about forex broker

August 17, 2022
Businesses That Use Modern Software for Hiring Go Further

Businesses That Use Modern Software for Hiring Go Further

August 17, 2022
How The World-class Tools of Naga Help Traders in Their Trading Journey?

How The World-class Tools of Naga Help Traders in Their Trading Journey?

August 17, 2022
Athar Gilani

Athar Gilani – Buzzflick Videos – Providing You With an Extensive Range of 2D Animation Services

August 16, 2022

Valiant CEOs & Entrepreneurs Share, Inspire, and Celebrate Outrageously Successful Ethical Businesses and their Leaders.

Contact Us

staff@valiantceo.com

Follow Us

Browse by Category

  • Business News
  • Business Wisdom
  • Interviews
  • Community
  • Tech & Business
  • Economy

Links

  • About us
  • Cookie Policy
  • Editorial Policy
  • Privacy & Policy
  • Contact
  • VIP Author

Recent News

10 Main Trends of Software Development Services in 2022

10 Main Trends of Software Development Services in 2022

August 17, 2022
DotBig Forex Broker Review

Expert review of DotBig.com – all about forex broker

August 17, 2022

© 2021 ValiantCEO - All rights reserved

No Result
View All Result
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community

© 2021 valiantceo

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In