Inflation in the United Kingdom jumped in July to 10.1% year on year, passing the symbolic bar of a double-digit price increase which promises to aggravate a little more the crisis of the cost of living. Feeding increased particularly in July. “Bakery, dairy, meat and vegetables”, but also “takeaway meals”, lists Grant Fitzner, chief economist of the National Statistics Office (ONS), on Twitter. Inflation, which reached already 9.4% year on year in June, remains at its highest level in 40 years. It is accelerating faster than economists forecast and could exceed 13% in October, predicts the Bank of England, when drastic increases in energy prices, which are also soaring, are due to come into effect for individuals. real wages As a result, the purchasing power of the British is melting at record speed, with real wages, that is to say adjusted after price increases, which have lost 3% for the three months ended at the end of June, according to figures released by the ONS on Tuesday. The economy is already taking a hit. Britain’s gross domestic product (GDP) contracted by 0.1% in the second quarter, before it likely entered recession at the end of the year. “I understand that times are tough and people are worried price increases that countries around the world are facing,” responded Finance Minister Nadhim Zahawi, highlighting the support package of 37 billion pounds (43.9 billion euros) already announced by the government. But from opposition to NGOs to businesses, many voices are calling for much more to be done for low-income households in the face of historic price hikes. Government inaction And if purchasing power is at the heart of the Conservatives’ campaign to to choose the successor of resigning Prime Minister Boris Johnson, critics swell in the face of the inaction of the executive before the two finalists Liz Truss and Rishi Sunak were decided in early September. “The cost of living crisis is now very real for households and businesses, a concrete solution is therefore needed to support the most vulnerable in the face of higher energy bills, ”claims the CBI employers’ union in a press release. UK hit hard ONS data ‘indicates inflation has risen more sharply in the UK than in other G7 countries’ and ‘many consumers are already being forced to make tough choices’ to balance their budget, according to Susannah Streeter, of Hargreaves Lansdown. By way of comparison, consumer price inflation in France accelerated in July to 6.1% year on year, while inflation slowed in the States States at 8.5%, according to figures released last week. Across the Channel, inflation was generalized last month, notes the ONS. The Bank of England is trying to limit the damage The cost of raw materials and goods leaving factories has also continued to increase. The Bank of England, which has already raised its interest rates several times since 2021 in an attempt to calm inflation, announced in early August a hike in its key rate by half a percentage point, the largest increase since 1995. “The extent and depth of inflation is putting further pressure on the Bank of England” to continue hikes beyond its current rate of 1.75%, says KPMG economist Yael Fine salt.
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