UK inflation strikes nine-year peak as economy reopens

[superadmin]

LONDON – The British annual inflation spiked in August to a nine-year peak on the reopening economy, while last year’s figure had been skewed by a restaurant discount scheme, data showed today.

The Consumer Prices Index (CPI) soared to 3.2%, the highest level since March 2012, the Office for National Statistics (ONS) said in a statement.

That marked a record acceleration and compared with 2% in July, and comes after the Bank of England warned inflation would strike 4% this year – double its target – as a result of the Covid-19 fallout.

Global markets have seesawed this year over concerns that central banks will end pandemic support measures to tame inflation, but policymakers have insisted that the rising prices are temporary.


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