UK Inflation Rises To Highest Level For 30 Years
UK Inflation rises again to the highest level for 30 years
UK inflation has hit 5.4% mainly due to supply chain issues and soaring food and fuel prices, prompting fears that the Bank of England could raise interest rates again next month.
Whilst central banks are saying inflation is transitory, others feel that inflation could run rampant in some economies – driven predominantly by supply chain issues rather than massive surges in market demand. Some could see their currencies being devalued by 10% or more while others accelerate into a deflationary spiral. Fiscal and economic uncertainty and a slowdown in business investment and housing markets could see countries like the US and UK set central bank base rates at 0.1% or lower in the first half of the year, with a maximum of 0.5% by year end.
Prices in the shops for basic everyday things have risen much faster than 5.4%. In some cases prices have risen by 50%, for basic items like bread, or package sizes have reduced by 10 to 20%.
The UK is expected to grow faster than any other G7 economy as it comes out of the pandemic with more freedom than its European counterparts.
Goldman Sachs reports that the UK economy will be larger than France and Germany by 2040, largely due to its younger demographics.
Stock markets have been jittery this month, while property continues to boom in the UK and Ireland where demand outstrips supply of family homes.
Agents in some parts of the country cannot get enough houses to cope with demand, but inventory is low and sellers are sticking to their sometimes unrealistic prices. Flats have not enjoyed the same growth.
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Bitcoin languishes around $42,000, well off its high last year. Silver has been rising.
How to save money on mobile phone contracts…
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