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UK inflation hits 30-year high

UK inflation hits 30-year high
People buy goods in a supermarket in Walthamstow, England, on February 13, 2022. Photo: AFP/VNA

The ONS stated that consumer prices in the UK increased by 6.2% in February, after increasing by 5.5% in January. This is the highest inflation since March 1992. The agency highlighted energy and gasoline costs as the main factors behind the sharp rise in inflation in February, when energy prices jumped nearly 25% from a year ago.

The agency said consumer prices rose 0.8 per cent in January, marking the biggest increase in February since 2009. The figures were released just hours before the UK Finance Secretary. Rishi Sunak announced measures to help support the cost of living for people.

Last week, the Bank of England raised its inflation forecast to more than 8%, four times its target for the second quarter of 2021. Economist Yael Selfin of the UK-based auditing firm KPMG said that the above figures are putting more pressure on the Bank of England to continue raising interest rates.

This expert believes that in the context that consumer prices will become stable next year, inflation will return to the 2% target set by the Bank of England by mid-2024. Therefore, the number of interest rate hikes. interest rate of this bank will be less than market expectation. Household energy bills are forecast to increase by more than 50% in the next few months.

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