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BREAKING
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.
Sources to Al Mayadeen: Large data trove was confirmed to have arrived to "safe sites".
Sources to Al Mayadeen: Operation had taken place in past, but large size of documents and need to transfer entire batch inside Iran necessitated secrecy.

Inflation fever: UK's highest in 40 years, recession unavoidable

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Aug 2022 12:37
3 Min Read

The UK is witnessing its highest inflation surge of 10% for the first time in 40 years, mounting more pressure on the Bank of England and causing further drops in wages but rapid rises in prices.

  • x
  • UK market prices (CNBC)
    UK market prices (CNBC)

Global inflation is soaring, with the UK's accelerating at the fastest pace in 40 years in July, reaching double-digits and adding more pressure on the Bank of England.

Last month, the consumer price index boosted up 10.1% on an annual basis, surpassing the FXStreet-cited market consensus of 9.8% and speeding up from 9.4% in June.

The last time inflation was this extreme was in 1982 - 40 years ago.

A long deep recession closer than expected 

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A year prior, the inflation rate was at 2.0% - matching the Bank of England's target. Nevertheless, there has been a rapid increase in annual inflation every month since last October, and per month, consumer prices jumped 0.6% in July, slowing from a growth of 0.8% recorded in June. Regardless, this had been expected by analysts to slow even further to 0.4%.

UK wages dropped 3.0% year-on-year in the three months leading to June, according to the Office for National Statistics (ONS), adding that July's alarming inflation figure is likely to make that pay squeeze even tighter. Hundreds of thousands of businesses are functioning with razor-thin profit margins and are aware that their consumers are tightening their budgets, limiting their ability to pay greater wages. Rather than raising prices, these companies are likely to lower output or service levels.

The latest inflation readings also put the Bank of England (BoE) under the spotlight again. The BoE lifted rates by 50 basis points in August which mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank, as the world struggles to tame the worrying inflation that has been fuelled by the war in Ukraine. 

Meanwhile, annual factory gate inflation slowed and production-input prices jumped 23% yearly in July, easing from June's record high of 24%.

The ONS also projected that the country would enter a recession that would last until late 2023.

Christopher Dembik, head of macro analysis at Saxo Bank, commented: “The recession will be long and deep. There won’t be an easy escape. This is most worrying, in our view. The Bank of England assesses the slump will last with GDP still 1.75% below today’s levels in mid-2025.”

  • Rishi Sunak
  • inflation
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