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UK Inflation to Highest Point in 30 Years

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Inflation in the United Kingdom rose to 7 percent year-on-year in March, the highest level in thirty years. According to the British National Statistics Office, the sharp rise in energy and fuel prices, in particular, is driving inflation.

 

In February, inflation was still 6.2 percent. In addition to increased energy prices, British households are also faced with higher costs for food, among other things, as a result of the war in Ukraine.

Moreover, inflation is likely to rise further in April as the maximum energy price rate has been raised from the beginning of this month.

The UK government has taken a series of measures to protect households against soaring prices, including a cut in fuel excise duties. In addition, the Bank of England is raising interest rates to curb high inflation.

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