The UK will experience the largest decline in living standards since the middle of the 1950s, according to analysts, as soaring energy bills, rising food prices, and tax increases eclipse higher salaries.
Source:- News Expert
As demand quickly recovered from the COVID-19 pandemic and Russia’s war in Ukraine further increased energy costs and constrained supply chains, people all across the world are feeling the pinch of inflation. According to the Labor Department’s report released on Tuesday, consumer prices in the US increased by 8.5% from a year ago last month, which is the quickest rate in more than 40 years. Inflation in the 19 European nations that use the euro shot up to 7.5% last month, setting a new record for the fifth month in a row.
Source: WION
The government’s independent budget advisor predicts that the cost of rising inflation would cause disposable family earnings in the UK to decline by 2.2% this year.
The cost of household natural gas increased by 28.3% over the previous year, while the cost of electricity increased by 19.2% as the world economy recovered from the COVID-19 epidemic and the demand for energy increased globally.
With the approval of a 54% increase in prices by Britain’s energy regulator, prices will continue to grow.
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