British inflation hits 30-year high as pressure mounts on finance minister to ease squeeze on households

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The Office for National Statistics said U.K. consumer prices rose by 6.2% year-on-year in February after a 5.5% rise in January, its highest rate since March 1992

British inflation shot up faster than expected last month to hit a new 30-year high, worsening a historic squeeze on household finances that finance minister Rishi Sunak is under pressure to ease in a budget update later on Wednesday.

The median forecast in a Reuters poll of economists had pointed to a reading of 5.9 per cent and only three of the 39 respondents had expected such a strong reading. Sunak will aim to show at 1230 GMT that he is helping Britons through the worst cost-of-living squeeze in decades. “Provided inflation expectations can be managed and global commodity prices stabilize by next year, we should see inflation returning to the Bank of England’s 2 per cent target by mid-2024,” Selfin said.Dan Boardman-Weston, chief investment officer at BRI Wealth Management, said raising rates at a time of high household bills and rising taxes could stifle the economic recovery.

Last week, the BoE raised its forecast for annual inflation to peak above 8 per cent – more than four times its target – during the April-June period. Regulated household energy bills are due to jump by more than half next month.

 

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Is the leader of their Conservative party going to blame Trudeau?

Inflation with a conservative in power? PierrePoilievre blames JustinTrudeau for inflation in Canada. The finger pointing is interesting.

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