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
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

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

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

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