Sunak's inflation argument is ``incorrect,'' says Clarke
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This is an increase from his 9.4% in June, according to the ONS. This was due to the increase. of food, fuel and energy. The increase is higher than expected, with the ongoing Conservative Party leadership campaign between Liz Truss and Lissisak he creating conflict between the two camps.
There is also renewed criticism of the government and the Bank of England.
Tory Lord Rose, chairman of the Supermarkets ASDA, described the lack of action taken to deal with rapid inflation as "horrifying".
Sir Rose, speaking on his BBC Radio 4 Today program, likened the situation to a ship whose captain is on vacation.
He said: "The captain is on a landing leave.
It is a month of crisis and we are still waiting to see what action is taken – it is terrifying.
Experts say the Bank of England will
Some financial markets believe banks can more than double interest rates to 3.75%.
Analysis shows that inflation is now hurting low-income households more than wealthy ones.
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This is due to the impact of rising food and fuel costs.
Tory leader Liz Truss said Tuesday she would treat inflation as an "urgent issue."
She said: “What I can do right now is cut taxes, undo the National Insurance premium hike, suspend the green energy tax, and save people money on fuel.”
But her Rival former Prime Minister Rishi Sunak has lashed out at Mr Truss' plan, claiming he is the only candidate with a credible plan to deal with inflation.
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UK inflation rises Food & Energy prices continue to rise
Above consensus forecast of 9.8% & Up from 9.4% in June
Rising food prices made the biggest contribution to inflation
BOE expects inflation to peak at 13.3% in Octoberhttps://t.co/GRux9FyAog pic.twitter.com/WAbbHY5yDH
— Prodigal (@Pr0digalReturns) Aug 17, 2022
He said:
"I don't think it's right because a tax cut on someone's salary means £1,700 in support."
By contrast, non-working pensioners receive "exactly zero".
Richmond MP added that it would be a "moral failure" not to help vulnerable people.
