People across the world, including India, America, and Pakistan, are suffering due to inflation. While inflation in the US broke a 40-year record, the inflation rate in Britain has now reached a 30-year peak. The Consumer Price Index (CPI) here stood at 5.5 percent in January.
Highest inflation since 1992
Presenting the inflation data on behalf of the National Statistical Office (NSO), it was said that the consumer price index rose to 5.5 percent in January, from 5.4 percent in December. The new figure is the highest level in the past 30 years. Let us tell you that in March 1992, the level of inflation in Britain reached its highest level, when the rate of inflation had reached 7.2 percent.
Finance Minister told global challenge
Britain's Finance Minister Rishi Sunak has said that we understand that these are global challenges, as inflation reaches its highest level in decades, workers' wages rise, central banks are deciding whether to reduce interest rates. How fast to increase Earlier this month, the Bank of England raised its main interest rate for the second time in a row aimed at containing inflation.
Inflation rate to reach 7.25%
The Bank of England said last month that inflation would continue to rise for the time being. The central bank has forecast Britain's annual inflation rate to peak at 7.25 percent in April. The Bank of England has already raised the interest rate twice. While it was first increased from 0.10 percent to 0.25 percent in December, it was increased to 0.50 percent on February 3. Now it is expected to increase further.
Inflation breaks record in the US
The impact of inflation in America has made people miserable. Here inflation has touched a new high of the last 40 years. Inflation in the US rose to a record high of 7.5 percent in January compared to 12 months ago. This figure of year-on-year growth was earlier seen in February 1982.
Inflation situation in India
Retail inflation reached a new high in January. According to the data released by the government, the retail inflation rate is seeing a steady increase due to the increase in the prices of food products last month. It rose to 6.01 percent in January, while it stood at 5.66 in December. This is more than the inflation target set by the RBI on an annual basis. At the same time, wholesale inflation in the country is at 12.96 percent. It has remained in double digits for the last ten months.
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