UK inflation hits 30-year high

Reuters news agency and The Guardian newspaper quoted data from the Office for National Statistics (ONS) as saying, inflation rate in February 2022 set the highest milestone since 1992 in the context of fuel, energy and food prices in the UK increasing.

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. This inflation rate exceeded all calculations of analysts, causing the cost of living of the people of the “fog country” to increase and put a lot of energy on British Finance Minister Rishi Sunak right before the announcement. Report measures to help support the cost of living for people.

Minister Sunak is also facing increasing calls for more support amid tight budgets for households. Commodity prices in the UK are rising faster than wages and the Bank of England thinks double digits could be reached this year.

The ONS added that consumer prices rose 0.8% in January, marking the biggest increase in February since 2009.

Economist Yael Selfin of the UK-based auditing firm KPMG said that in the context that consumer prices will become stable next year, inflation will return to the target of 2% set by the Bank of England. mid-2024. Therefore, the number of interest rate hikes by this bank will be less than market expectations. Household energy bills are forecast to increase by more than 50% in the next few months.

Britain is currently struggling to deal with a cost-of-living crisis amid soaring inflation rates and rising food and petrol prices.

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