16 July
UK inflation soars to 11.1%, higher than expected
The inflation rate in the UK is currently 11.1%, the highest in more than 40 years. In this regard, the Bank of England feels the need to raise the interest rate once again.
The index unexpectedly rose above the forecasted level. Economists at the Bank of England predicted growth up to the level of 10.9%. The Office for National Statistics sees the reason for the rise of inflation in the increased prices for food, fuel and energy.
According to the ONS, the inflation rate didn’t rise even higher only due to the introduction of the Energy Price Guarantee, which was able to slightly reduce the rate of price increases last month. Without it, the inflation rate might have been 13.8%.
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