ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2024-04-17  |  UPDATED: 1402/11/15 - 18:13:1 FA | AR | PS | EN
Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza             Taliban: Afghanistan Does Not Have Formal Border With Pakistan             Gazaís major health facility collapses amid Israeli attacks: MSF             Americans to redeploy nuclear weapons in UK amid fears of WW3             Biden makes history: 1st sitting US president sued for complicity in genocide             Trump walks out of courtroom during closing arguments of Carrollís attorney            US: 3 dead in shooting at Texas apartment complex            US-UK aggression against Yemen risks expansion of war: Iran            


DATE PUBLISHED: 1400/09/24 - 15:18:5
VISIT: 775
SHARE WITH YOUR FRIENDS

UK inflation spikes to decade-high on eve of BoE rate call


Shoppers look at bread in a Sainsburyís supermarket, amid the coronavirus disease (COVID-19) outbreak, in London, Britain January 12, 2021. (Reuters photo)

British inflation has rocketed to its highest level for more than 10 years on broad-based price gains, data showed on Wednesday, sparking fears that wages will fail to keep pace on the eve of a Bank of England interest rate decision.

The annual inflation rate surged to 5.1 percent in November after 4.2 percent in October, the Office for National Statistics (ONS) said in a statement.

That marked the highest level since September 2011, with inflationary pressures driven by jumping fuel costs as the rate accelerated further above the BoEís official target.

The news sparked an outcry from Britainís Unite trade union, which complained many workers faced an effective pay cut with the prospect of below-inflation annual wage increases.

The BoE, whose main task is to keep inflation close to 2.0 percent, is however expected to hold its record-low interest rate on Thursday due to turmoil over the Omicron coronavirus variant.

Central banks normally use interest rate hikes to try to damp high inflation, which is weighing on companies and consumers globally.

Wide range of price rises

"A wide range of price rises contributed to another steep rise in inflation, which now stands at its highest rate for over a decade," said ONS Chief Economist Grant Fitzner.

"The price of fuel increased notably, pushing average petrol prices higher than we have seen before.

"Clothing costs -- which increased after falling this time last year -- along with price rises for food, second-hand cars and increased tobacco duty all helped drive up inflation this month."

Inflationary pressures were also fueled by the global supply crunch and jumping commodity prices.

"The cost of goods produced by factories and the price of raw materials have continued to increase significantly to their highest rate for at least 12 years," Fitzner added.

After countries emerged from pandemic lockdowns earlier this year, companies struggled to meet demand for goods, energy and services, sending inflation soaring.

However, the BoE will probably hold its key interest rate at 0.1 percent due to Omicron uncertainty, analysts say.

The Unite union meanwhile urged companies to grant pay hikes that preserve the buying power of workersí salaries.

"Todayís figures mean our members must fight for wage rises above the current rate of inflation," said Unite general secretary Sharon Graham.

íHot and botheredí

Omicron, which emerged late last month, forced Britain to re-impose coronavirus restrictions that were passed by lawmakers late on Tuesday.

BoE policymakers will also be mindful of news that UK unemployment has fallen again, despite the end of a scheme to keep millions of private-sector workers in their roles during the pandemic.

"Faced with such a high inflation reading, and with forecasts that the only way is up, the Bank of England would ordinarily be expected to call time on the cheap money party and raise interest rates," said Hargreaves Lansdown analyst Susannah Streeter.

"But with the recovery far from being in full swing and the omicron variant an unruly guest, set to knock back confidence further for many sectors, policymakers may be hot and bothered but are likely to stay in wait-and-see mode tomorrow."

The UK economy was already struggling prior to the arrival of Omicron, growing by an anaemic 0.1 percent in October from 0.6 percent in September.

The International Monetary Fund warned Tuesday that "new Covid-19 variants pose downside risks to the outlook" for Britain -- and urged the government to consider new emergency stimulus measures in the event of fresh lockdowns.

Prime Minister Boris Johnson has warned of a looming "tidal wave" of Omicron that could overwhelm hospitals.

(Source: AFP)

 

LINK: https://www.ansarpress.com/english/24753


TAGS:






*
*

*



SEE ALSO

European support for Israel damaging energy security on the continent, report says


US needs to lift sanctions on Iranís oil for JCPOA to resume: UN chief


Shipping giants suspend journeys through Red Sea as Saudis voice concern


WFP launches emergency program to assist 600,000 Palestinians


US bans trade with 42 Chinese firms


Sanctions made Russiaís economy stronger: Putin


Germanyís economy headed for recession amid support for Ukraine


Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americaís growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Federalism in Afghanistan: Opportunities and Challenges

Formation of the Federalist Assembly of Afghanistan

Israel launches missile attack on outskirts of Damascus, killing Syrian civilians

íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care

Three US troops killed, dozens injured in drone attack in Syria

Trump says NATO will not come to rescue if US attacked

Ukraine beset by $40m fraud in arms procurement amid war with Russia

US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership

UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza

Taliban: Afghanistan Does Not Have Formal Border With Pakistan

Gazaís major health facility collapses amid Israeli attacks: MSF

Americans to redeploy nuclear weapons in UK amid fears of WW3

Biden makes history: 1st sitting US president sued for complicity in genocide

Trump walks out of courtroom during closing arguments of Carrollís attorney

US: 3 dead in shooting at Texas apartment complex

US-UK aggression against Yemen risks expansion of war: Iran

Yemen directly hits US warship with ballistic missile

Hamas has self-reliantly opposed the three giant intelligence agencies of the world!

President Raeisi calls for UN reform, says body unable to end Gaza genocide

Pedram: The Abduction of Hazara and Tajik Women Recalls the Crimes of Abdur Rahman

Special envoys from G7 countries discuss Afghanistan in London meeting

Turkish lawmakers open debate over Swedenís NATO membership

UN agency says over half a million Palestinians face Ďcatastrophic hungerí in Gaza

Palestinian Islamic Jihad: Al-Maghazi operation proved defeat of Israeli regime in Gaza war

European support for Israel damaging energy security on the continent, report says

Pakistan Army Kills Seven ĎTerroristsí Near Afghan Border

Israel kills at least 190 people in Khan Younis in 24 hours

UNAMA report: 49 Hazara community members killed in Afghanistan in three months

Indiaís Modi inaugurates Hindu temple on site of razed mosque ahead of elections

US 2024 election: DeSantis drops out of Republican presidential race, backs Trump

Survivors of Russian charter flight crash transferred to Kabul

Iranís anti-terror strikes Ďclear messageí to certain recipients: Foreign Ministry

Ethnic mass killings in one Sudan city last year left up to 15,000 dead: UN report

Iran says reserves right to avenge Israelís assassination of IRGC advisors

Rocket barrage targets Ain al-Asad base housing US forces in western Iraq

Lebanese media: Israeli drone kills 2 Hamas members in southern Lebanon

Five IRGC advisors assassinated in Israeli aggression on Syria

Pakistan recalls ambassador from Tehran

Iraqi PM stresses to NATO chief ending of foreign troops

UN chief reiterates call for immediate ceasefire in Gaza


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š