CNBC: Britain is having a hard time bringing down the inflation rate

The American network “CNBC” revealed that there is difficulty in the process of reducing inflation in Britain. Due to the sharp rise in food and energy prices and the exacerbation of the high cost of living crisis in conjunction with widespread strikes.

The network said in a report that the main annual inflation figure in Britain, amounting to 10.1%, was higher than the consensus estimates, and the consumer price index rate was higher than expected by the Monetary Policy Committee at the Bank of England in its February report.

And the Office for National Statistics pointed out that the prices of food and non-alcoholic beverages rose by 19.2% in the 12 months to March, recording their highest annual rise in more than 45 years.

And with British households still grappling with soaring food and energy bills, workers in a range of sectors have launched mass strikes in recent months amid disagreements over pay and terms.

The UK government is still introducing a residential energy subsidy, ensuring a cap on average household energy bills of £2,500 a year until the end of June, along with targeted subsidies for some vulnerable homes.

Dominic Miles, Global Co-President of Consumers, said the figures showed there is now a respite from cost-of-living pressures, and consumers are scrambling to make savings on essentials in order to maintain discretionary spending – this fragile balance is ensured by ongoing energy subsidies without which they might A turning point is reached.

Tom Hopkins, an economist, said, “The British economy is not out of danger yet, however, if economic data continues to appear less negative than expected, this could help spark a recovery in business and consumer confidence.”

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top