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Wed Aug 17, 2022, 12:19 PM

UK inflation exceeds 10% as bread and milk prices soar

Source: CNN

UK inflation exceeds 10% as bread and milk prices soar

By Mark Thompson, CNN Business

Updated 5:27 AM ET, Wed August 17, 2022

(CNN Business) -- Inflation in the United Kingdom hit a new 40-year high last month, rising above 10% for the first time since 1982 and piling further pain on households already struggling to pay their bills.

Annual consumer price inflation hit 10.1% in July, according to data published by the Office for National Statistics on Wednesday, up from 9.4% in June. Soaring food prices up 12.7% since July 2021 were the largest single contributor to the acceleration in inflation, the ONS said.

The headline inflation number was higher than predicted by a Reuters poll of economists, and food inflation is now running at its highest level in 14 years. ... "All the eleven food and non-alcoholic beverage classes made upward contributions to the change in the annual inflation rate, where prices overall rose this year but fell a year ago," the ONS said.

The largest upward contributions came from bread and cereals, and from milk, cheese and eggs, with notable price increases in cheddar cheese and yoghurts. ... On a monthly basis, the consumer price index was up 0.6% in July, compared with no change a year ago. Higher gasoline and diesel prices, together with rising air fares, were also to blame, the ONS added.

{snip}

Read more: https://www.cnn.com/2022/08/17/economy/uk-inflation-10/index.html



This is on an annualized basis.

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Reply UK inflation exceeds 10% as bread and milk prices soar (Original post)
mahatmakanejeeves Aug 17 OP
andym Aug 17 #1
tanyev Aug 17 #2
canuckledragger Aug 17 #3
luvtheGWN Aug 17 #6
Grokenstein Aug 17 #5
elias7 Aug 17 #4
muriel_volestrangler Aug 17 #7
leftyladyfrommo Aug 17 #8
UCmeNdc Aug 18 #9
TexasBushwhacker Aug 18 #10

Response to mahatmakanejeeves (Original post)

Wed Aug 17, 2022, 12:24 PM

1. Demonstrating that oil prices are playing a huge role in the current inflationary environment

worldwide. The supply chain woes started the current cycle last year. High fuel prices this year are a key exacerbating factor because they raise transportation costs, forcing price increases. Oil price increases are due to Russia's invasion of Ukraine and the resulting sanctions on a major oil producer.

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Response to mahatmakanejeeves (Original post)

Wed Aug 17, 2022, 12:25 PM

2. Think how much worse it would have been if they hadn't Brexited.

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Response to tanyev (Reply #2)

Wed Aug 17, 2022, 12:45 PM

3. I said almost as soon as they went through with the whole Brexit thing.

"You morons understand that you're really just a big island, right? With very limited space for agriculture, manufacturing, etc. and in spite of that...you've chosen isolation? You deserve what's coming to, with no one else to blame BUT yourselves!"

...because things need to be imported to an island, It's best not to piss off those that supply you. They brought high-prices for shipments etc. upon themselves for (mostly) no other reason than racism, which in my opinion was the driving force behind the whole thing, stoked by the likes of Putin and Co.

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Response to canuckledragger (Reply #3)

Wed Aug 17, 2022, 03:01 PM

6. Amen to that.

You're absolutely correct. The worst thing that happened to the US is Trump. The worst thing that happened to the UK is Johnson. And Putin wanted nothing better to see extreme turmoil in both countries.

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Response to tanyev (Reply #2)

Wed Aug 17, 2022, 02:58 PM

5. Welcome to the Sunlit Uplands!

...No, wait, I meant "unlit slumlands."

"But the Labour candidate din't inspire me." -- Arsehole

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Response to mahatmakanejeeves (Original post)

Wed Aug 17, 2022, 01:52 PM

4. Damn you, Biden!!!

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Response to mahatmakanejeeves (Original post)

Wed Aug 17, 2022, 04:43 PM

7. It's mainly natural gas and electricity prices driving this

Inflation is forecast to go even higher later this year, driven by further rises in regulated energy bills in October. Electricity prices have already risen by 54% and gas prices by 95.7% in the 12 months to July 2022 because of rocketing wholesale costs, worsened by Russia's invasion of Ukraine in late February.

And that regulation is for domestic customers - not businesses:

But remember that there's no price cap on commercial contracts. This means there have been some wild variations in the rates our tech-enabled experts have been able to quote for business energy - since August 2021, suppliers have increased their out-of-contract rates by an average of 100%.

https://bionic.co.uk/blog/noticed-energy-prices-have-fallen-over-past-few-months/

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Response to mahatmakanejeeves (Original post)

Wed Aug 17, 2022, 05:06 PM

8. They are dealing with terrible utility increases.

People are really worried about heating their homes this winter. People were having to choose between heat or food. And the price of gas is ridiculous.

They have some big problems.

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Response to mahatmakanejeeves (Original post)

Thu Aug 18, 2022, 06:18 AM

9. Putin got over on you UK. Should have stayed in the European Union.

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Response to mahatmakanejeeves (Original post)

Thu Aug 18, 2022, 08:28 AM

10. They were already paying higher grocery prices post Brexit

because so much of their food is imported.

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