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High Inflation

Atualizado: 14 de out. de 2022

The United Kingdom reached the highest inflation rate of 9% in a 40-year high, as food and energy prices hiked. This really puts the pressure on middle-income families as the crisis deepens. The Ukrainian-Russian war is accredited for the sudden rise. Britain's 7% March inflation shot up another two percent in April.

Business groups said all sectors of industry and commerce were suffering from the steep rise in energy and fuel costs, with many facing a similar shock to their finances as seen during the pandemic but without the same level of government support.

On the other side of the world, Brazil has seen the Real getting stronger against the UK Sterling Pound which in January was around seven reais and fifty cents. As of when writing this blog on Friday 20th May, the pound's weakened exchange rate of six Reais and eight cents provided approximately 20% more purchasing power for Brazilians.

Average UK petrol prices rose to a record of almost £1.62 (R$9.85) a litre in April 2022 from £1.25 (R$7.60) a year earlier. Diesel was another factor behind the increase in the consumer prices index from 7% in February after the average cost at the pumps hit a record high of £1.76 (R$10.70) a litre, leading to an average increase over the last 12 months in motor fuels of 31.4%. And then Brazilians complain about their steep fuel costs!

Inflation was projected to be under 5%, however the Office for National Statistics said the 54% increase in the energy price cap in April, which took the average annual gas and electricity bill close to £2,000, was the main reason for the jump in the consumer prices index from 7% in March.

Take care!

Prof. Carl Boniface

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