Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Trump: Any future attacks will be much greater unless they make peace
Trump: We worked with Netanyahu as a team
Trump: This situation cannot continue. We will either witness peace or tragedy
US President Donald Trump: The goal of the attacks was to destroy Iran's enrichment capabilities
Atomic Energy Organization of Iran: We expect the international community to condemn the law-based chaos and support Iran in achieving its legitimate rights
Atomic Energy Organization of Iran: The American enemy claimed responsibility for the attack on sites supervised by the International Atomic Energy Agency
Atomic Energy Organization of Iran: The attack took place amid apparent indifference, and possible complicity, from the International Atomic Energy Agency
Atomic Energy Organization of Iran: This attack is a continuation of the brutal attacks by the Israeli enemy over the past few days.
Atomic Energy Organization of Iran: This attack violates international law, especially the Nuclear Non-Proliferation Treaty.
Atomic Energy Organization of Iran: Nuclear sites in Fordow, Natanz, and Isfahan were attacked by Iran's enemies at dawn today

UK inflation jumps to 6.2%, highest since 1992

  • By Al Mayadeen Net
  • Source: Agencies
  • 23 Mar 2022 15:35
3 Min Read

A striking jump in inflation rates is targeting living costs in Britain.

  • x
  • UK budget targets living costs as inflation spikes
    UK budget targets living costs as inflation spikes.

Britain revealed on Wednesday a budget update aimed at easing a cost of living crisis, while data disclosed a spike in inflation to a three-decade high on soaring energy prices. 

Annual inflation spiked from 5.5% in January to 6.2% in February, said the Office for National Statistics (ONS) in a statement ahead of finance minister Rishi Sunak's budget announcement.

Read more: EU states running after policies to reduce energy inflation

Chancellor of the Exchequer Sunak was to deliver his budget speech before parliament at about 12:45 GMT, with a pledge to "stand by" hard-working families and outline plans to help with the rising cost of living, according to the Treasury.

'Pressure' on Sunak 

"The further rise in inflation... adds to the pressure on the Chancellor to offset more of the cost of living crisis," noted Capital Economics analyst Paul Dales.

It is worth noting that the last time the British inflation rate was higher was in March 1992 when it stood at 7.1%.

Across the world, countries battle surging inflation fuelled by the rocketing commodity prices over the operation in Ukraine and after nations exited pandemic lockdowns. 

The Bank of England warned that inflation will surge higher as the Russian operation in Ukraine continues, sparking a major price gain for crude oil, domestic energy, and food prices. 

Sunak faces widespread calls to help ease household living costs, with reports suggesting he could delay a jobs tax hike due next month.

Key factors in February's broad-based price gains are spiking domestic electricity and gas costs, according to the ONS.

Prices 'rising steeply' 

"Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games," added ONS chief economist Grant Fitzner.

"The price of goods leaving UK factories has also been rising substantially and is now at its highest rate for 14 years."

Central banks around the world to lift interest rates, including the BoE, which last week lifted borrowing costs to 0.75%, due to spiking global inflation. 

Sunak has also hinted at cutting motor fuel duty to ease household budgets. However, his hands could be tied regarding major giveaways.

"The Chancellor may try to mitigate the upward pressures," noted EY economist Martin Beck.

"Measures such as a temporary cut to fuel duty would not fundamentally alter the outlook, which remains heavily dependent on geopolitical factors and global commodity markets."

The government also faces rising debt obligations on its borrowing, which has risen dramatically in the last two years due to massive epidemic expenditures.

"The Chancellor is clearly under huge pressure to fork out to help out with the cost of living crisis, but record levels of borrowing, combined with rising interest rates, will probably temper his generosity," said AJ Bell analyst Laith Khalaf.

Along with the budget declaration, the government will release its most recent official economic estimates.

  • Exchequer Sunak
  • Economic inflation
  • inflation
  • United Kingdom

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS