Americans aren't the only ones feeling the impacts of high inflation rates. In Britain, record inflation rates have recently sent shockwaves across industries.
"Most of it comes from Russian Steppes or Ukraine and that supply is just not available at the moment," Pickering told CBS News foreign correspondent Roxana Saberi. "It survived and thrived in two world wars," he said."It's going to be difficult and there will be some casualties."
A piece of battered fish is dropped into hot sunflower oil to make traditional fish and chips, at Olleys Fish Experience in Herne Hill in London, Thursday, April 21, 2022. In the 12 months until this May, Britain's inflation rate hit a new 40-year high of 9.1%, according to the. Comparatively, U.S. consumer prices surged 8.6% in May which was also its biggest increase since 1981, the AP said.
"In the UK, we're so dependent on these imports from the rest of the world, be it energy, be it food and it's precisely those things that are going up in price," Bloomberg economist and journalist Stephanie Flanders said."It can have ripple effects in the US. It can add to a volatile global environment."
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