Lagos, April 19, 2023 – (Reuters/GBN) Inflation rate in the UK is now at 10.1 per cent, the highest in Europe.
Although the country’s inflation rate fell from 10.4 per cent in February to 10.1 per cent in March, it is still the only country in Western Europe with a double-digit inflation rate, Reuters reports.
Prices of consumer goods like food and non-alcoholic drinks rose by 19.1 per cent in March, the highest increase in prices since August 1977.
This has caused workers to protest as some of them said that their pay were not rising at a level that is commensurate with the country’s economic realities.
The high rates have given life to claims that the Bank of England is likely to increase its interest rates again in the month of May.
The Bank has already increased the rates 11 times since 2021 in order to reduce consumer prices
The UK’s Conservative government, headed by Prime Minister Rishi Sunak, had last month unveiled a budget aimed at tackling the cost-of-living crisis, which has sparked strikes as wages drop in value.
“These figures reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses
“We are on track to do this… and we’ll continue supporting people with cost-of-living support,” said finance minister Jeremy Hunt.
However, the efforts have yet to yield positive results judging by the data which shows that workers’ pay is growing much slower than the prices of goods and services. (Reuter/GBN)
