Inflation in the United Kingdom is rising to its highest level in nearly three years because of rise in prices of food and fuel. The Office for National Statistics (ONS) said the annual rate of inflation rose to 2.5 per cent in June from 2.1 per cent the previous month. In August 2018, inflation had hit 2.7 per cent.
The increase has moved inflation further above the Bank of England's target of 2 per cent.UK inflation is rising to its highest level in three years because of rise in food and fuel prices. The Office for National Statistics said the annual inflation rate rose to 2.5 per cent in June from 2.1 per cent in May. In August 2018, inflation had hit 2.7 per cent. The rise has moved inflation further above the Bank of England's target of 2 per cent.#
Many countries are experiencing a sharp increase in inflation as their economies recover from the impact of the onset of the COVID-19 pandemic.
According to UK media reports, some experts say the rise in inflation could be a warning sign that the economy is running into trouble, while some others say it is because the economy is beginning to grow again.
Fibre2Fashion News Desk (DS)
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