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Inflation jumps to nine-year highs as food and gasoline soar

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Inflation Last month, it jumped to the highest level in nine years. food The price has skyrocketed.

From 2% in July to 3.2%, there was a “breathtaking” rise that some have warned.

City analysts and the Bank of England have claimed this temporary rise, but are putting pressure on banks to move faster at the interest rates shown so far.

The National Bureau of Statistics agrees with the World Bank.

Jonathan Ato, Deputy National Bureau of Statistics of ONS, said:

“But last year the Eat Out to Help Out scheme dropped prices for restaurants and cafes significantly, but this year the prices have risen, so much of this can be temporary.”

Sarah Coles of Hargreaves Lansdown said: It was heavily impacted by the discounts on the Eat Out to Help Out scheme a year ago, but next month it’s off the numbers. But many of these huge jumps are underpinned by the same amazing imbalance between supply and demand that has seen yawning gaps open on supermarket shelves. It causes problems for shoppers, savers, and the wider economy. “

Apart from food, transportation was also a factor.

average gasoline The price was 134.6p per liter, compared to 113.1p in the previous year when travel was reduced under blockade restrictions.

Some experts now say inflation will continue to rise

Kevin Brown of Scottish Friendly said: It can reach 4%, but we believe it could exceed this and exceed 5% in the near future. “

Inflation jumps to nine-year highs as food and gasoline soar

Source link Inflation jumps to nine-year highs as food and gasoline soar

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