UK inflation hits 9-year high

The UK’s Office for National Statistics (ONS) has released inflation data for August 2021. Accordingly, the annual inflation in the country in August exceeded expectations and amounted to 3.2 percent.

The expectation was for inflation to increase by 2.9 percent on an annual basis in August. With the latest data, the fastest rise in inflation has been recorded in the UK since March 2012. Inflation in the country increased by 2 percent in July. In the statement of ONS, it was stated that the increase in food, fuel and second-hand car prices in August caused inflation to rise above the expectations. The statement, however, included the assessment that the sharp rise seen in August was “temporary”.

ONS National Statistics Expert Jonathan Athow reminded that in August last year, the British government supported restaurants and paid up to 50 percent of consumers’ accounts. Noting that this support was not given in August, Athow stated that the prices in restaurants and cafes increased with the full opening. The Bank of England (BoE) continues to keep its inflation target at 2 percent.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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