UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

[mahatmakanejeeves]

Source: CNBC

EUROPE ECONOMY

UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

PUBLISHED WED, JUL 20 2022 2:04 AM EDT UPDATED WED, JUL 20 2022 2:26 AM EDT
Elliot Smith
@ELLIOTSMITHCNBC
https://twitter.com/ELLIOTSMITHCNBC

KEY POINTS
-- The consumer price index rose 9.3% annually, in line with a consensus forecast among economists polled by Reuters and up slightly from 9.1% in May.
-- Bank of England Governor Andrew Bailey suggested on Tuesday that policymakers could consider a 50 basis point hike at its August policy meeting in order to reel in inflation.

LONDON — U.K. inflation hit yet another new 40-year high in June as food and energy prices continued to soar, escalating the country’s historic cost-of-living crisis.

The consumer price index rose 9.4% annually, according to estimates out Wednesday, slightly above a consensus forecast among economists polled by Reuters and up from 9.1% in May. (1)

This represented a 0.8% monthly incline in consumer prices, exceeding the the previous month’s 0.7% rise but remaining short of the 2.5% monthly increase in April.

The U.K.’s Office for National Statistics said in Wednesday’s report that its indicative modelled consumer price inflation estimates “suggest that the CPI rate would last have been higher around 1982, where estimates range from nearly 11% in January down to approximately 6.5% in December.”

{snip}

(1) https://www.cnbc.com/2022/06/22/uk-inflation-hits-new-40-year-high-of-9point1percent-as-food-and-energy-price-surge-persists.html

Read more: https://www.cnbc.com/2022/07/20/uk-inflation-hits-new-40-year-high-of-9point4percent-as-cost-of-living-crisis-deepens.html

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Hat tip, Tishla, from https://www.democraticunderground.com/10142945096#post3

And 9.4% in the UK

https://www.cnbc.com/2022/07/20/uk-inflation-hits-new-40-year-high-of-9point4percent-as-cost-of-living-crisis-deepens.html

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This is important news in the US due to our close ties. Not Kardashian important, but important anyway.

[PSPS]

1. OMG! Biden is single-handedly causing inflation around the world!!11!!!11

[ybbor]

7. You beat me to it

He is such a powerful leader we have, controlling inflation around the world!

[mahatmakanejeeves]

2. UK workers suffer their biggest pay drop in two decades as inflation bites

UK workers suffer their biggest pay drop in two decades as inflation bites

By Anna Cooban, CNN Business

Updated 12:28 PM ET, Tue July 19, 2022

London (CNN Business) -- Workers in the United Kingdom are struggling with the biggest drop in pay in more than two decades, as surging food and energy prices take a giant bite out of wages.

Real pay — workers' wages that take inflation into account — slumped by 2.8% between March and May compared to the same time last year, according to data released Tuesday by the Office for National Statistics. ... That's the fastest decline since the ONS began keeping records in 2001.

Earlier this month, UK Prime Minister Boris Johnson resigned after a series of ethics scandals proved too costly for the government to brush off. His successor, which is currently being decided, faces a daunting set of economic and financial challenges.

For months, rising global energy and commodity prices — worsened by Russia's invasion of Ukraine — have helped stoke global inflation. The world's fifth-largest economy has been one of the hardest hit among the world's wealthiest nations. ... UK consumer prices hit a 40-year high of 9.1% in May, the highest among the G7 leading economies — and is forecast to climb above 11% later this year despite a series of interest rate hikes.

{snip}

[relayerbob]

3. Good thing they're out there alone, now

Who knows how it would turn out if they were joined up with other like-minded countries, to try to turn things around?

[Dopers_Greed]

4. Brandon did that

[Turbineguy]

5. Luckily for the British conservatives....

Last edited Wed Jul 20, 2022, 03:34 PM - Edit history (1)

it's Biden's fault!

[Going to Canada]

6. They mean PRICE GOUGING

PRICE GOUGING is driving inflation! World wide.

[FakeNoose]

8. Didn't they know this when they voted for BREXIT?

[malthaussen]

9. Thanks, Biden.

Democratic Presidents are amazing, they control the economies of the whole world. I'm sure all the GOPpers will blame Joe for this.

-- Mal