Expertsforecast the cost of living to rise to the highest level in more than 40 years, with figures released Wednesday showing inflation spike across the board is expected to indicate that
According to an average of analyst estimates calculated by Pantheon Macroeconomics, consumer price index (CPI) inflation is likely to reach his 9.8% rate, with diesel and gasoline prices falling nationally. is rising steadily.
Official figures were released by theOffice of National Statistics (ONS) at 7:00 am on Wednesday.
According to ONS estimates, this is the highest since February 1982, when the CPI reached 10.4%.
Rail fares announced to underperform inflation
(PA Wire)
Inflation Usually ONS The numbers used to determine the annual rate of increase in some train fares, announced at 9:30 a.m. by , are expected to be even higher.
July's Retail Price Index (RPI) was set at 200,000 for the governments of Great Britain, Scotland and Wales, traditionally to set a cap on regulated rail fare increases for the following year. I've been using it, but it's about 12%.
The Ministry of Transport announced on Monday that his 2023 regulated fare hike inEngland will fall below inflation measures.
Wales typically makes similar tariff changes to England, butthe Scottish government has not announced her 2023 plans.
Wednesday's forecast CPI reading is for June inflation of 9.4%. But worse is yet to come, according to experts.
Inflation is expected to peak at 13.3% later this year, pushing the UK into recession, according to the Bank of England.
A rise will come when the energy price cap, which regulates how much more than 20 million households pay for gas and electricity, is raised in October.
Latest estimates put the cap at around £3,635. This is an 84% increase from today's already record high price.
Motor fuel prices rose 3% month-on-month in July, his economist Samuel Toombs, UK chief of Pantheon Macroeconomics, said, adding that this will help boost inflation. said it would.
Meanwhile, in Northern Ireland, SSE Airtricity increased the price of gas it sells to homes by nearly 43%, and Power NI increased electricity prices by more than 27%.
Northern Ireland is not subject to Ofgem price caps due to its gas and electricity system being closely linked to the Republic of Ireland.
CMC Markets analyst Michael Hewson said US inflation is starting to recede from his 40-year peak.
"But this seems unlikely in the UK as most forecasts suggest he could be 10% this week in July figures. ' he said.
Experts believe that the reading may dip in he August, then rise again in September and he in October.
"Looking ahead, his CPI inflation probably eased in August, mainly because motor fuel prices fell about 7% month-on-month," Toombs said.
He added that retailers are expected to slow the pace of price increases soon.
He added: This could push October inflation up by nearly 4%.
Chris Page, chairman of the lobby group Railfuture, said:
"They did not disclose what the price increase would be or what fares it would apply to. If we were serious about it, it would make rail travel much more affordable, and people would have easier access to cars and planes."
