(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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