Unprecedented increase in the inflation rate in England.
The results of the latest government statistics in England show that the inflation rate reached 1.10% in July, which has been unprecedented since the last 40 years.
According to the statistics published today, the inflation rate in July has been unprecedented since February 1982 and this rate was 4.9% in June.
Meanwhile, all the economists predicted an inflation rate of 9.8% for July, which is higher than their predictions.
Also, despite the possibility of recession, the British central bank increased the interest rate by 0.5% to 75.1% at the beginning of this month and predicted that inflation will reach 3.13% in October. The time of the energy price index for domestic consumers will increase.
Many British economists predicted that the central bank is expected to raise interest rates by 25.2% at its upcoming meeting in September.
Based on this, the annual retail price rate reached 12.3%, which has been unprecedented since 1981.
Economists also predicted that inflation in the UK will increase significantly next year, and families will continue to struggle with the rising cost of living.
According to the forecast of the National Institute of Economic and Social Research in England, the increase in gas and food prices will increase inflation to 11% by the end of this year. Official data showed inflation in June at 9.4 percent, the highest since February 1982.
Stephen Millard, the vice president of this institution, said in an interview with the Guardian: “British households and businesses will continue to suffer from astronomical inflation, and the central bank will be forced to increase the interest rate by another 3 percent to curb the rising inflation.”
