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UK’s inflation has reached a new 40-year high, adding pressure to the already high cost of living.
Last month, consumer prices rose 9.4%, heightening the need for the Bank of England (BOE) to increase interest rates to stave off the high cost of living.
This week, BOE Governor Andrew Bailey indicated there could be a half-point rate increase next month in order to tackle inflation, marking the first half-point hike since BOE gained independence nearly 25 years ago.
However, this hike could lead to job loss and tip the country over into a recession.
Additionally, prices have also outpaced wages, further adding to the obstacles of keeping up with the overall cost of living. And this could only get worse in 2023.
“Inflation is likely to stay high for the rest of this year, severely eating into strained household incomes,” said Anna Leach, deputy chief economist at the Confederation of British Industry.
