UK households are seeing the biggest rise incost of living in decades as prices continue to soar.
Experts are now predicting consumer price index (CPI) inflation will rise to his 9.8%, causing further distress to already needy families.
Average of analyst estimates calculated by Pantheon Macroeconomics, new figures released Wednesday at 7:00 a.m. showinflationsoaring, food and Fuel is expected to show the steepest rise.
This would be the highest recorded in the UK since February 1982, when the CPI reached 10.4%, according to ONS estimates.
Samuel Toombs, chief economist at the UK economic research consultancy, said July's 3% month-on-month rise in fuel prices contributed to the expected increase.
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Getty Images/iStockphoto)Before another spike in September and October , predicting a drop in CPI in August, he said: “Looking ahead, CPI inflation probably eased in August for him, mainly because motor fuel prices fell about 7% each month.” The imminent situation of jumping up. That could push October inflation up by nearly 4%.
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Getty Images)Another sober economic news is also expected to land late Wednesday morning, setting train ticket prices. The inflation rate used for ONS at 9:30 am.
Typically, the Retail Price Index (RPI) used by the UK, Scottish and Welsh governments to cap rail fares in the coming year is expected to be 12%.
On Monday, the Ministry of Transport announced that he would set his 2023 rate of increase for the UK lower than inflation, but the campaign group said this would do little to protect passengers from a sharp rise in costs. suggests that it may not work.
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Getty Images/iStockphoto)Chris Page, chairman of pressure group Railfuture, said: I'm here. Rise is below inflation, but the devil is in the details.
"They did not disclose what the price increase would be or what fares it would apply to.
"The government is trying to help tackle the cost of living crisis. If taken seriously, rail travel would become much more affordable and people would have easier access to cars and planes.”
The worrying inflation rate of many Earlier this month, Bank of England Governor Andrew Bailey warned the economy was heading for recession when overall inflation peaked at 13.3% later this year.
