UK Records Significant Inflation Reaching 9 %

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 30. Inflation in the UK has reached a record 9% year-on-year, the British Consortium of Retailers (BRC), a trade association for retail businesses in the UK, said, trend reports.

Chief Executive Officer of the BRC, Helen Dickinson, noted that inflation continues to rise in May, and consumers should not expect prices to return to the level of 2021.

Despite the general increase in the rate of inflation, the consortium noted a slight decrease in food prices.

Thus, the growth in the cost of food decreased from 15.7 percent to 15.4 percent and official food price inflation this year reached its highest level since 1977.

Furthermore, in March 2022, Centre for Economics and Business Research published a report warning of a possible significant decline in living standards in the UK, which will be the most serious event since the 1950s.


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