By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: England Sees Rampant Inflation
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Politics > EU > England Sees Rampant Inflation
EU

England Sees Rampant Inflation

Shayne Heffernan Ph.D.
Last updated: January 19, 2022 7:42 am
Shayne Heffernan Ph.D.
Share
4 Min Read
SHARE

England is a warning for the west. British annual inflation accelerated to a near 30-year high in December, official data showed Wednesday, stoking fears over a cost of living squeeze as wages fail to keep pace, making Crypto more attractive than ever.

Economies worldwide are battling decades-high inflation that is forcing central banks to lift interest rates, including the Bank of England which last month raised its key borrowing cost for the first time in more than three years.

The UK’s inflation rate hit 5.4 percent last month, rising further above target on price gains for clothing, domestic energy, food and furniture, the Office for National Statistics said in a statement.

1306 N5 high

The BoE, whose chief task is to keep inflation close to a 2.0-percent target, is now expected to hike again at its next meeting in February amid easing concerns over Omicron.

– ‘Cost of living squeeze’ –

Britain’s cost of living is forecast to soar even higher in April due to looming hikes in national insurance tax and domestic energy, analysts say.

“With consumer prices rising at their fastest rate for three decades and wage growth slowing, Britons are being squeezed ever harder by the cost of living,” said Jay Mawji, managing director of global liquidity provider IX Prime.

Inflation had already forged a decade-high of 5.1 percent in November.

The rate had hit 7.1 percent in March 1992.

“The inflation rate rose again at the end of the year and has not been higher for almost 30 years,” said ONS chief economist Grant Fitzner.

“Food prices again grew strongly while increases in furniture and clothing also pushed up annual inflation.

“These large rises were slightly offset by petrol prices, which despite being at record levels were stable this month, but rose this time last year.”

Fitzner added that last year’s Covid lockdowns had impacted some items but the overall impact on headline inflation rate was “negligible”.

Consumers and businesses are struggling with surging costs, hit also by ongoing pandemic turmoil and supply chain problems.

At the same time, salaries are failing to keep pace.

Real wages in November fell on the year for the first time since mid-2020 following a spike to inflation, official data showed Tuesday.

– Another rate hike ‘inevitable’ –

Britons in April face the prospect of an increase in national insurance taxation — paid by workers and employers — as well as widely-forecast bumper increases in electricity and gas costs.

“More pain lies ahead in the form of tax rises in April and a likely 50-percent jump in energy bills,” added Mawji.

“The Bank of England’s medicine for taming inflation will be bitter – more interest rate rises, more quickly. The only question is when it next hikes rates.”

The BoE has in December raised its key borrowing cost to 0.25 percent from a record-low level of 0.1 percent, as it attempted to dampen inflationary pressures.

Frederick & Oliver equity trader Marc Kimsey said another rate hike in February would now be “inevitable”.

In reaction to Wednesday’s data, finance minister Rishi Sunak insisted the Conservative government understood the cost of living squeeze.

However, the main opposition Labour Party argued that families would be rocked by “substantial” tax rises and “huge” increases in energy bills.

Britain’s economy meanwhile surpassed its pre-pandemic level after recording strong growth in November, recent data showed.

You Might Also Like

Ethereum Trading Outlook

Bitcoin Trading Outlook

The 20 Great Quotes of John McAfee

New Cold War Looms as Tariffs Shift from Trade to Politics

America Party: Terminal Debt Crisis and Elon Musk Buy $BTC

TAGGED:investingshayne heffernantrading

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By Shayne Heffernan Ph.D.
Follow:
Shayne Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 40 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.
Previous Article crypto credit card Bitcoin Vs Credit Card Transactions
Next Article maxresdefault 5 Top Creative Trends For 2022
Buy Bitcoin

Buy Bitcoin

Latest News

photo 2024 01 12 17 15 43
Bitcoin Might Be Bumpy BUY THE DIP
Bitcoin Featured Headline News KXCO Shayne Heffernan on Investments July 5, 2025
Screenshot 28 6 2025 184218
KXCO and the New World of Money
Blockchain Blockchain for Government DeFI Digital Assets Economy Gold Headline News KNIGHTS Knightsbridge KXCO KXCO Opinion Politics Shayne Heffernan Stablecoins USD July 3, 2025
bitcoin kxco
KXCO’s Position in Tokenized Cash and Cross-Border Payments
AI Bitcoin Blockchain Blockchain for Government Business cefi Crypto DeFI Digital Assets Fintech Gold Headline News Knightsbridge KXCO KXCO Opinion Shayne Heffernan Stablecoins USD Web3 July 3, 2025
Hong Kong
Hong Kong is Back
Business China Crypto Featured Headline News Hong Kong Knightsbridge Insights KXCO Opinion Politics Shayne Heffernan Shayne Heffernan Shayne Heffernan on Investments July 3, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?