01.19.2022

U.K. Suffers Double-Digit Inflation for More Than 10% of Items
Energy leads the surge, but food is also rising sharply
Bank of England under pressure to tighten monetary policyBy David Goodman
(Bloomberg) — More than 10% of goods and services in the average British shopping basket are rising in cost at a double-digit pace.
Gasoline, electricity, natural gas, second-hand cars and items for babies are among the goods whose price is rising most quickly, according to data from the Office for National Statistics released Wednesday.
The figures highlight the cost-of-living crisis hitting consumers, which is threatening to drag down the pace of the recovery and force the Bank of England to raise interest rates again.


 
The headline rate of inflation hit a three-decade high of 5.4% last month. About 13% of the goods and services tracked by the ONS to produce the consumer price index are rising by 10% or more from a year ago.
Staples including eggs, butter, milk, beef, lamb and crisps are seeing price gains that outstrip the headline rate, the figures show.



Hot Inflation Fuels U.K. Rate Hike Bets With Yields at 2019 High