Gas prices in the UK shot up nearly a third in the last week of July to reach the highest average cost since mid-March, according to newly released official data. The gas price increased by 31 percent in the week to July 31, the Office for National Statistics (ONS) said on Thursday. Also on Thursday,…
UK Gas Prices Rose by 31 Percent in Last Week of July
August 4, 2022
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UK Inflation Jumps to 9.4 Percent as Food and Fuel Prices Soar
July 20, 2022
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Soaring food and fuel prices have pushed the UK’s inflation to 9.4 percent in June, the highest in 40 years, official data have revealed. The inflation rate, as measured by the Consumer Prices Index (CPI), was up from 9.1 percent in May and exceeded the 9.3 percent expected by most economists. According to new data…
Inflation Will Hit UK Harder Than Any Other Major Economy, Bank of England Warns
Soaring inflation will hit Britain harder than any other major economy during the current energy crisis, the head of the UK’s central bank has warned. Andrew Bailey, the governor of the Bank of England (BoE), said that the hit to the UK economy as a result of the energy price shock would likely come earlier…
UK Food Prices Could Soar by 15 Percent Over the Summer: Report
Prices of essential food items in the UK could rise by as much as 15 percent over the summer as food inflation is set to hit its highest level in more than 20 years, according to grocery analysts. In its latest report released on June 16, the Institute of Grocery Distribution (IGD) said that British…
British Pound Falls Against the Dollar for the First Time Since March 2020 Due to Economic Slowdown
June 15, 2022
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The British pound dropped on June 15 to its lowest level against the U.S. dollar since March 2020. The plunge reflects concern about the widening gulf between interest rate policies at the Bank of England (BOE) and the Federal Reserve. The European Central Bank also made a surprising move, with the announcement that it will…
Food Price Rises Caused by Ukraine War ‘Major Worry’ for World: Bank of England Governor
May 17, 2022
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The potential for further food price rises is a “major worry” for the UK and the developing world, the governor of the Bank of England, the UK’s central bank, has warned. Appearing before the Treasury Select Committee of the House of Commons on May 16, Andrew Bailey said that the Russian invasion of Ukraine has…
Bank of England Hikes Rates to 13-Year High as Inflation Expected to Hit Double Digits
Britain’s central bank has raised its key interest rate to 1.00 percent, the highest level in 13 years, as policymakers scramble to curb soaring inflation that has risen faster than wages and eroded the purchasing power of many households. The Bank of England announced on Thursday that its rate-setting body, the Monetary Policy Committee (MPC),…
UK Central Bank Raises Interest Again to Cool Soaring Inflation
February 3, 2022
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Britain’s central bank, the Bank of England (BoE), decided on Feb. 3 to raise interest rates from 0.25 percent to 0.5 percent to curb rampant inflation. The Bank’s nine-member monetary policy committee (MPC) voted five to four in favour of the decision. The four dissenting members all voted for a bigger increase of 0.75 percent….
Bank of England to Raise Rates Again in February as Inflation Surges: Reuters Poll
LONDON—The Bank of England will press ahead with its tightening cycle next month as red-hot inflation runs well ahead of target and the economic threat from the Omicron coronavirus variant should prove milder than previous mutations, a Reuters poll found. Britain’s central bank became last month the first major rate-setter to increase interest rates since…
NTD Business Full Broadcast (Dec. 16)
December 16, 2021
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The White House unveils a trucking plan to address supply chain issues — and get more truckers on the road. How does it plan to do that? NBA legend Michael Jordan is launching a fan site based on blockchain, how would it work? And central banks rethinking their ultra-easy monetary policies — in the face…
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