The CPI (Consumer Price Index) inflation measure was released on 16 June, and it shows, that the inflation rate has jumped to 2.1%. The forecasts were previously speaking of 1.8%, and another thing is that the inflation rate has reached the target mark set by the Bank of England at 2%.
ONS (the Office for National Statistics) presents us with the data that shows that the costs of fuel and clothing (which are rising), have been responsible for the inflation rate rise. We are witnessing the crude prices’ rise, as well as the increasing costs of motor fuels (as much as 17.9%). The clothes have become 2.3% more expensive, which is the biggest rise since 2018.
Retailers do not help, as they are keeping the prices relatively high, with not many discounts. But there is nothing to be surprised of, as this state has been present since … Read moreContinue reading