Consumers shop at a London supermarket (Credit: REUTERS / Kevin Coombs)
By David Milligan and William Schomberg
LONDON (Reuters) – British consumer inflation hit a three-decade high in March, intensifying pressure on Prime Minister Boris Johnson and his finance minister Rishi Sunak to cut the cost of living.
Annual inflation rose to 7.0% in March from 6.2% in February, the highest since March 1992 and higher than most economists in a Reuters poll, official data showed on Wednesday.
+ Annual inflation in the United States reaches 8.5% and is the highest in 41 years
On a monthly basis, the 1.1% increase was the highest since the start of the National Statistics Agency’s historic series in 1988.
Rising prices ranged from fuel to food and furniture.
According to British budget experts, consumers have been facing the greatest cost of living pressure since the records began in the 1950s, and high inflation is bad news for the government.
Russia’s February 24 invasion of Ukraine has further boosted energy prices, with the Office for Budget last month predicting that inflation will hit a 40 – year high of 7.7% in the last quarter of 2022.
Financial markets predict that the British central bank will raise interest rates from 0.75% to 1% on May 5 and by 2% -2.25% by the end of 2022.
Know more
+ New Montana: The 3rd generation of the Chevrolet Pickup is coming in 2023
+ Omigron: Unexpected sign of infection in children worries medical groups
+ Mercadão de SP Vendors threaten customers with fruit fraud
+ Video: A mother was attacked on social media for wearing tight clothes to take her son to school
+ Horoscope: Check today’s forecast for your zodiac sign
+ What do you know about fluorone?
+ Lemon squeezing trick becomes a craze on social media
+ ‘Monster Ichthyosaur’ discovered in Colombia
+ One twin was a vegetarian, the other ate meat. Check the result
+ See what are the most stolen cars in SP in 2021
+ Expedition identifies the giant squid that caused the shipwreck in 2011
+ US agency warns: Never wash raw chicken meat
