Media report: Great Britain expected "astronomical" inflation next year

Media report: Great Britain expected "astronomical" inflation next year

4 Aug 2022 11:33 am

In the coming year, inflation in the UK will reach astronomical levels. British households will continue to struggle with the high cost of living, The Guardian newspaper reports on Wednesday, citing a think tank.

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The National Institute of Economic and Social Research (NIESR) estimates that rising gas and food prices will push UK inflation to 11% by the end of the year. According to official figures for June, inflation was 9.4 percent, the highest since February 1982.

There will be “no respite from astronomical inflation” for British households and businesses. The Bank of England will have to raise interest rates “up to the three percent mark” in order to bring down inflation, the newspaper quotes as saying The Guardians NIESR Deputy Director Stephen Millard.

The country will experience a long recession and the economy will contract for three straight quarters, Millard said.

In June, the Bank of England raised interest rates from 1% to 1.25% in a bid to get inflation under control. The regulator is expected to hike rates another 50 basis points on Thursday in what would be the largest single rate hike since 1995.

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Source: RT

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