UK inflation reaches the highest level since August 2018 – How Will You Be Affected
Inflation Rate Hits 3 Year High – Stocks Fall And Gold Rises On Investor Fears
UK inflation reached the highest level since August 2018 prompting a drop in share prices as investors looked for the safety of gold.
The price of gold was up this week following the latest UK inflation figures, which saw CPI rise to 2.5%. Despite the pound’s recent strength, gold climbed to £1,311.59 per ounce.
Elsewhere, stock markets are subdued following the news, with the FTSE 100 down 0.46% at 7092 points, Spain’s IBEX 35 down 0.26%, and the Shanghai Composite down 1.07%.
The data, from the Office for National Statistics, repeats what has been said for the past few months now: inflation is rising as food, clothing, fuel, and second-hand cars are all costing more. The Land Registry group also confirms that house prices are up 10% year-on-year, putting the average property value at £254,624; less than £1,500 off March’s all-time record of £256,000.
What does this mean for the economy?
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