LONDON, June 22 — Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1 per cent last month, the highest rate out of the Group of Seven countries and one which underlines the severity of the country’s cost-of-living crunch.
Some investors judge Britain to be at risk of both persistently high inflation and recession, reflecting its large imported energy bill and ongoing Brexit-related friction which could further hurt trade ties with the European Union. Average pay is not keeping up with inflation and trade unions have warned of widespread strikes in the coming months. Railway staff have already staged mass walkouts this week.
Financial markets show interest rates in Britain are on course to rise above 3 per cent around the turn of the year from 1.25 per cent now, although most economists think waning economic growth means the BoE will raise rates by less than that.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »