Britain's annual inflation rate surged to a 40-year high last month on rocketing energy costs, official data showed Wednesday , sparking opposition calls for the government to announce an emergency budget to combat a cost-of-living crisis.
Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices, in turn forcing the Bank of England, the US Federal Reserve and others to ramp up interest rates. "We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action."
Addressing British MPs, Bailey spoke also of a"very real income shock" coming from surging energy and food prices.
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