Britain’s inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe.
Inflation is surging in many countries as Russia’s war in Ukraine has triggered unprecedented increases in energy prices worldwide. Russia has reduced natural gas shipments to Europe in retaliation for the West’s support of Ukraine, creating a crisis for the fossil fuel that powers factories and heats homes in the winter.
“I understand that times are tough, and people are worried about increases in prices that countries around the world are facing,” U.K. Treasury chief Nadhim Zahawi said. Britain’s Conservative government is under pressure to do even more to help people cope with the cost-of-living crisis. The average U.K. household fuel bill has risen more than 50% this year, and another increase is due in October, when the average bill is forecast to hit 3,500 pounds a year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK hits double-digit inflation for the first time in 40 yearsThe United Kingdom sees double-digit inflation for the first time in decades, but have the country's woes just begun? (Reporting via JoeNakamoto)
Read more »
San Francisco schools actively recruiting for 40 teacher vacancies as school year beginsSan Francisco Unified School District has about 40 teaching vacancies and is offering hiring bonuses. But on the first day of class, every classroom had an educator.
Read more »
Bed Bath & Beyond Stock Forecast: BBBY soars 40% on Ryan Cohen out-of-the-money callsBed Bath & Beyond (BBBY) stock is up 31% at $27.22 in Wednesday's premarket a day after it was disclosed that major investor Ryan Cohen had purchased
Read more »
Bed Bath & Beyond Stock Forecast: BBBY soars 40% on Ryan Cohen out-of-the-money calls$BBBY shares are up more than 40% on Wednesday's premarket. BedBathBeyond stock has gained 300% in past month. GameStop chairman ryancohen purchased 16,000 call contracts by claymarkets stocks trading
Read more »
Disastrous megaflood could sink much of Bay Area underwater in 30 to 40 years, experts sayResidents in low-lying cities along the bayshore, San Francisco and Oakland airports, and freeways would be flooded as mega storms dump rain for three to four weeks, not days, as a result of climate change.
Read more »