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Inflation sees record surge in August

Interest rates are well above the Bank of England’s target of 2%.

inflation According to the National Bureau of Statistics (ONS), it increased to 3.2% in August, up from 2% in July. This is the highest increase ever.

According to ONS, many of the impacts are likely to be temporary, but last month’s CPI index was the highest since March 2012.

Interest rates are again above the Bank of England’s target of 2%.

ONS said in August last year why eating and drinking was more expensive Eating out to help the scheme It was in progress.

In addition, companies in the hospitality and tourism sector have benefited from VAT discounts introduced to support some of the most severely affected industries. Pandemic..

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Jonathan Athow, Deputy National Bureau of Statistics of ONS, said:

“But many of this can be temporary. Last year, the Eat Out to Help Out scheme dropped prices for restaurants and cafes significantly, but this year it went up.”

Martin Lawrence, Investment Director of the Weslian Group, said: However, the Bank of England expects inflation to reach 4% by the end of the year. “

“Despite the headlines of rising wages, rising living costs mean that heads and savers are beginning to feel pressured. This cannot be helped by the recently announced change in national insurance.”

“For those who are trying to save money during the blockade and secure better profits on their savings, it is imperative to protect the hard-earned cash. Interest rates remain stable, so savers are real. It is imperative to consider all possible options to achieve real growth. “



Inflation sees record surge in August

Source link Inflation sees record surge in August

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