sunny.png
Sunday July 3rd, 2022 8:05PM

UK inflation hits 40-year high amid Russia's war in Ukraine

By The Associated Press
Related Articles
  Contact Editor

LONDON (AP) — Britain’s inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fueled further increases in food and fuel prices.

Consumer price inflation accelerated to 9% in the 12 months through April, up from 7% the previous month, the Office for National Statistics said Wednesday. That is the highest rate since 1982, when inflation reached 11%, according to statistical modeling by the agency.

The figures will increase pressure on the government to mitigate a cost-of-living crisis that economists forecast will produce the biggest drop in living standards since the 1950s.

Millions of households across Britain were hit with a 54% jump in gas and electricity bills last month after regulators boosted the energy price cap to reflect increases in wholesale prices. Russia’s invasion of Ukraine has put further pressure on food and energy prices.

The government may cut income taxes and is drawing up plans to boost subsidies for low-income people struggling to pay fuel bills, British media reported Wednesday. It is also considering a tax on windfall profits of energy companies benefiting from high oil and gas prices.

Inflation is soaring worldwide, with the United States reporting a near four-decade high rate of 8.3% last month. The 19 countries that use the euro have seen inflation records for months, but the European Union's statistics agency on Wednesday revised down its initial 7.5% figure for April to 7.4%. That keeps the annual rate steady with March, Eurostat said.

Central banks worldwide have moved to combat soaring consumer prices by raising interest rates. The U.S. Federal Reserve raised its key rate this month for the first time since 2000 and suggested it would continue to do so, while the Bank of England has been even more aggressive.

The bank has raised its key rate four times since December, reaching its highest level in 13 years this month.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Ukraine hopes to swap steel mill fighters for Russian POWs
Ukrainian fighters extracted from the last bastion of resistance in Mariupol were taken to a former penal colony in enemy-controlled territory, and a top military official hoped they could be exchanged for Russian prisoners of war
2:47AM ( 4 minutes ago )
UK inflation hits 40-year high amid Russia's war in Ukraine
Britain’s inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fueled further increases in food and fuel prices
2:42AM ( 9 minutes ago )
Finland, Sweden submit NATO membership application
NATO Secretary-General Jens Stoltenberg says that Finland and Sweden have applied for membership amid concerns over Russia’s war on Ukraine
2:35AM ( 16 minutes ago )
Associated Press (AP)
Will Turkey upend NATO expansion? US officials seek clarity
Turkish President Recep Tayyip Erdogan is taking an increasingly tough line against the NATO membership bids of Finland and Sweden despite far less strident statements from some of his top aides
12:04AM ( 2 hours ago )
Watchdog: US troop pullout was key factor in Afghan collapse
A new report says decisions by Presidents Donald Trump and Joe Biden to pull all U.S. troops out of Afghanistan were the key factors in the collapse of that nation’s military, leading to the Taliban takeover last year
11:14PM ( 3 hours ago )
Fall of Mariupol appears at hand; fighters leave steel plant
The fall of Mariupol appears at hand as Ukraine is moving to abandon a sprawling steel plant where its soldiers had held out under relentless bombardment for months, which would make it the biggest city to fall into Russian hands
10:48PM ( 4 hours ago )
AP World News
Midterm updates | Oz, McCormick in tight GOP Senate primary
Heart surgeon-turned-TV celebrity Mehmet Oz and former hedge fund CEO David McCormick are in a too-early-to-call race in Pennsylvania for the Republican nomination for U.S. Senate
12:14AM ( 2 hours ago )
Midterm updates | Crapo wins GOP primary for Senate in Idaho
Republican incumbent Mike Crapo has won the GOP primary for U.S. Senate in Idaho
12:02AM ( 2 hours ago )
Asia stocks mixed after Wall St gain, Powell warns on rates
Asian stock markets are mixed after Wall Street rose and the Federal Reserve's chairman said it will raise interest rates further if needed to cool inflation
11:33PM ( 3 hours ago )
AP Business
House Dems propose $28 million to address formula shortage
House Democrats have unveiled a $28 million emergency spending bill to address the shortage of infant formula in the United States
5:19PM ( 9 hours ago )
Powell: Fed to keep hiking rates until it controls inflation
Chair Jerome Powell has underscored the Federal Reserve’s determination to keep raising interest rates until it has brought inflation under control
4:43PM ( 10 hours ago )
Markets shake off doldrums as traders get back to buying
Stocks rose steadily throughout the day and ended with broad gains as traders got back to buying again after a mostly miserable few weeks on Wall Street
4:12PM ( 10 hours ago )
AP Business - Economy
Environmentalists oppose more life for California nuke plant
Dozens of environmental and anti-nuclear organizations are opposing any attempt to extend the operating life of California's last running nuclear power plant
5:05PM ( 9 hours ago )
Environmental groups oppose longer life for CA nuclear plant
Dozens of environmental and anti-nuclear organizations are opposing any attempt to extend the operating life of California's last running nuclear power plant
3:57PM ( 10 hours ago )
AP Interview: Scottish leader stresses independence, NATO
Scotland's leader says the Russian war in Ukraine only makes Scotland’s drive for independence from the U.K. more important
3:14PM ( 11 hours ago )
AP Business - Industries
Wall Street heads higher Tuesday as retailers report results
Wall Street was heading toward a strong open on Tuesday as investors took in another batch of earnings from retailers that could reveal how persistent inflation is impacting consumer spending
8:40AM ( 18 hours ago )
Censure vote vs Sri Lankan leader fails as crisis simmers
Sri Lanka’s ruling party has defeated a move in Parliament to urgently debate a motion censuring President Gotabaya Rajapaksa for the nation’s worst economic crisis
5:43AM ( 21 hours ago )
World shares advance despite losses on Wall Street
Shares are higher in Europe and Asia despite doubts over the economic outlook in the U.S. that gave some Wall Street benchmarks another day of losses
4:04AM ( 22 hours ago )
AP Business - Utilities
Ukraine hopes to swap steel mill fighters for Russian POWs
Ukrainian fighters extracted from the last bastion of resistance in Mariupol were taken to a former penal colony in enemy-controlled territory, and a top military official hoped they could be exchanged for Russian prisoners of war
2:47AM ( 4 minutes ago )
Finland, Sweden submit NATO membership application
NATO Secretary-General Jens Stoltenberg says that Finland and Sweden have applied for membership amid concerns over Russia’s war on Ukraine
2:35AM ( 17 minutes ago )
Printing errors mar mailed ballots in Oregon, Pennsylvania
Printing mistakes will force local election officials in Pennsylvania and Oregon to redo thousands of mailed ballots, a laborious process that could delay results for some closely contested races in Tuesday’s primaries
2:12AM ( 40 minutes ago )
North Korea hails recovery as WHO worries over missing data
North Korea says a million people have already recovered from suspected COVID-19 a week after disclosing an outbreak it appears to be trying to manage in isolation
2:05AM ( 46 minutes ago )
Takeaways: Election denier wins, bad behavior dooms Cawthorn
Former President Donald Trump’s support was enough to elevate his Senate candidate to victory in North Carolina on Tuesday
1:40AM ( 1 hour ago )