Uk News UK inflation rate soars above 9% as cost of living crisis deepens United Kingdom news

PremierLeague-News.Com - May's Consumer Price Index rise was driven by energy price rises

Uk News UK inflation rate soars above 9% as cost of living crisis deepens United Kingdom news

PremierLeague-News.Com - May's Consumer Price Index rise was driven by energy price rises

Uk News  UK inflation rate soars above 9% as cost of living crisis deepens United Kingdom news
22 June 2022 - 06:30

PremierLeague-News.Com - Breaking Sport Transfer News ! Inflation has soared to a record high of 9.1 per cent as the cost of living crisis bites deeper.May’s Consumer Price Index rise was driven by high energy prices, with households also grappling with record petrol prices and rocketing food costs.It comes after April’s inflation rate hit a 40-year high of nine per cent, figures from the Office for National Statistics (ONS) showed.The Bank of England (BoE) has warned it expects inflation to rise to 11 per cent this year before slowing next year.In an attempt to counter rising inflation, the central bank raised rates for a fifth successive time and signalled there could be Energy industry experts Cornwall Insight believe default tariffs could see households have to pay an extra £1,000-a-year on average, pushing up energy bills to almost £3,000.More from Newsi morning briefing: Who is winning the war on the rail strikes?22 June, 2022Zombie cars, stolen bread and special passes to get around - life under Russian occupation22 June, 2022North West usurps London as music hotspot. Here's why northerners are dominating the charts22 June, 2022The ONS said May’s increase in the rate of inflation was “largely driven by food and non-alcoholic beverages, transport and housing, water, electricity, gas and other fuels”.

News source = PremierLeague-News.Com

.“We are using all the tools at our disposal to bring inflation down and combat rising prices – we can build a stronger economy through independent monetary policy, responsible fiscal policy which doesn’t add to inflationary pressures, and by boosting our long-term productivity and growth.”Today’s figures mean inflation is almost five times higher than the BoE target of two per cent.Responding to the latest rise in inflation, deputy Prime Minister Dominic Raab said there was a “global struggle against inflation”.Mr Raab also called for “restraint” on public sector pay amid the threat of more strikes.Helen Dickinson, Chief Executive of the British Retail Consortium, said: “Households and businesses in the UK are continuing to feel the squeeze from rising prices, as higher energy prices, a tight labour market and increasing transport and commodity costs filter through to consumers. “Fierce competition for market share means that retailers will continue try to absorb as much of these costs as possible and look for cost-savings elsewhere.“Retailers are working hard to do what they can to protect their customers from price rises, including by expanding value ranges, keeping the cost of essentials down and providing discounts for certain vulnerable groups.”

Source = PremierLeague-News.Com

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