UK inflation hits 10.1% pushed by soaring fuel and food prices

By Sakina Raj  | Date: 2022-08-18

UK inflation hits 10.1% pushed by soaring fuel and food prices

UK inflation has reportedly risen above 10% for the first time in the last four decades, owing to the increasing prices of fuel and food, making households reel under the cost-of-living crisis. According to the Office for National Statistics, the consumer prices index rose by 10.1% till July and entered double figures at an earlier stage than anticipated.

Reportedly, the biggest price increase came for food products, leading to an increase in the hotel and restaurant prices, and takeaway charges. Other staple items like toothbrushes, pet food, deodorants, and toilet rolls have also registered significant price rises, thus contributing to the inflation.

The shadow chancellor, Rachel Reeves, stated that while the soaring prices are becoming a reason of concern for families, Tories are ignoring the crisis and are busy fighting, adding that only Labour can help Britain in this dire hour. 

Common households are anticipated to face further crises owing to the rising energy bill, as the Bank of England has forecasted will drive the inflation rate to more than 13% which will trigger a long recession.

Economists have warned that rising energy bills and increasing food prices will affect poor families the most. James Smith, from the Resolution Foundation, has stated that it will take a substantial time before inflation can be eased.

Meanwhile, Sajid Javid, who is backing Liz Truss in the Tory leadership race stated that she would provide more support regarding energy bills, although Truss has suggested that no more handouts would be provided to help families, and they would prioritize on tax cuts instead.

Additionally, Nadhim Zahawi, Chancellor, has mentioned that controlling inflation was his top priority, while the government would help the hard-pressed families. 

It has been reported that the energy bills were limited to £1,400 till October last year. But yearly energy bills in Britain are expected to rise to over £3,500 from October, up from the present charges of a little under £2,000.

Source: https://www.theguardian.com/business/2022/aug/17/uk-inflation-cost-of-living-crisis-recession-looms

About Author

Sakina Raj     aeresearch.net

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles relating to diverse domains for BonafideNews and vari...

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