Jul 20, 2022
Inflation: Petrol costs push prices up at fastest rate for 40 years
Unions have been calling for pay rises to help workers cope as the rising cost of living eats into household budgets. If a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%.Fuel prices have soared in recent months, driven by the war in Ukraine and moves by the European Union to reduce its dependence on Russian oil. Elsewhere, food prices have been climbing, with costs increasing at the fastest rate since March 2009.Milk, cheese and eggs saw the biggest rises in June, latest figures show, with the prices of vegetables, meat and ready meals also up. All roads appear to lead to a rise in base interest rates next month of half a percentage point - the biggest rise in nearly three decades. Bank of England Governor Andrew Bailey has said rates could rise by as much as 0.5% at its next rates meeting in August in a bid to stem rising prices.
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