Connect with us


UK Inflation Falls to 8.7%, But Food Price Growth Stays Close to 45-Year High | inflation

UK Inflation Falls to 8.7%, But Food Price Growth Stays Close to 45-Year High |  inflation


Britain recorded its sharpest inflation drop since the start of the cost of living crisis, with the annual rate falling to 8.7% in April, but food prices continued to rise at the fastest pace in 45 years.

The Office for National Statistics (ONS) said annual inflation, measured by the consumer price index, fell below double digits for the first time since August from 10.1 per cent in March. Inflation peaked at 11.1% in October.

Food and non-alcoholic beverage prices surged 19% in the 12 months to April, offset by higher costs in day stores, but the sharp drop came as households’ record energy price hikes from a year ago were not repeated.

ONS chief economist Grant Fitzner said:

Reflecting stubbornly high levels of inflation as headline rates cooled more slowly than expected, city economists predicted a larger drop to 8.2% in April. The news comes as economists warn that Rishi Sunak’s target of halving inflation this year will be met within a finer-than-expected range.

The figure is likely to reinforce expectations that the Bank of England will raise rates further at its next meeting to determine borrowing costs in June, prolonging its most aggressive inflation attack in decades. The central bank said earlier this month that it expected inflation to fall to 8.4 per cent in April.

According to ONS’ latest snapshot, electricity and gas prices contributed about 1.4 percentage points to the annual decline in inflation.

This was the fastest annual rate since 1977, partially offset by continued increases in food prices, rising costs for recreation and culture, alcohol and tobacco, and telecommunications and transportation, he said.

Skip past newsletter promotions

Sign up for Business Today

All the business news and analysis you need every morning.

“,”newsletterId”:”business-today”,”successDescription”:”We’ll send you Business Today every weekday”}” clientOnly>Privacy Notice: The newsletter contains sponsorships funded by charities, online advertising and external organizations. It may contain information about the content. . For more information, please see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.

Shadow Prime Minister Rachel Reeves said: As bills continue to soar, families will worry that the cost of food and other necessities is still rising. They will ask why this Conservative government still refuses to properly tackle this cost-of-living crisis, and why it does not impose an appropriate serendipitous tax on the huge profits of oil and gas giants.

Prime Minister Jeremy Hunt said: “Yesterday the IMF said we took decisive action to deal with inflation. It’s positive that it’s in the single digits now, but food prices are still rising too fast.”




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]