Why are prices rising so quickly?
in the autumn, the Bank of England says the "current high rates of inflation are not likely to last".. Historically, when inflation has risen above 9% it has taken years, not months, to recover.The Bank of England's traditional response to rising inflation is to raise interest rates. This can encourage people to save, but means some people with mortgages see their monthly payments go up.
But when inflation is caused by things like rising energy prices worldwide, there is a limit as to how effective UK interest rate rises can be in slowing inflation.
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.
Majority of 40 new hospitals promised by Boris Johnson in 2019 unlikely to be finished by next general electionDeadlines just in the past six months have slipped, including a planned new hospital in Boris Johnson's own constituency that will now not be completed until 2028. There are also questions over how long funding will last.
Read more »
Sheffield council gives 'grandad's tree' protected statusThe dawn redwood is believed to be around 40 years old and will eventually grow to 30m (98ft).
Read more »
As Energy Prices Are Set To Soar To £4,000, What Are Politicians Proposing To Do About It?HuffPost UK takes you through the main ideas to help households struggling with the rising cost of living.
Read more »
Inflation drives fastest fall in real pay on recordWage growth is lagging behind soaring prices as households grapple with the rising living costs.
Read more »
Cost of living latest: UK inflation hits 10.1% as food prices rocket - BBC NewsInflation hits double digits, with basic goods like bread, cereals, milk and eggs driving the latest hike.
Read more »